How To Stretch Your Student Loan

How To Stretch Your Student Loan



How to​ Stretch Your Student Loan
If you’re considering going to​ university,​ there is​ a​ strong chance that you’re also contemplating taking out a​ student loan to​ fund your university expenses .​
Student loans don’t have to​ equate to​ student debt and if​ you​ plan your finances,​ it​ is​ possible to​ get by without student loans and possibly even profit from them .​
There are many sites on​ the​ internet which provide downloadable student finance guides and online advice on​ how best to​ manage your finances .​
Moneynet offers a​ comprehensive student finance guide ( www.moneynet.co.uk/student-finance-guide/index.shtml ),​ whilst the​ money section on​ support4learning is​ also a​ popular internet resource .​
( www.support4learning.com/ ).
The first step to​ avoid financial dependence on​ a​ student loan is​ to​ consider taking a​ gap year to​ gain experience and earn money .​
This is​ a​ great opportunity to​ start saving for university and will give you​ funds to​ cover accommodation and bills without tapping into your student loan.
In terms of​ managing your personal finances,​ you​ could open up a​ notice savings account and invest your gap year earnings – alongside a​ student loan,​ accruing interest on​ the​ total amount,​ but being disciplined so that you​ only ever tuck into your savings – not the​ loan itself .​
If you’re comfortable that you​ can timetable it​ – you​ might consider a​ part-time job to​ help finance your studies,​ using your income to​ cover the​ majority of​ your expenses so that you​ can leave your bank savings alone .​
There will be times when you​ may have to​ make a​ withdrawal from your savings account,​ but if​ you​ leave the​ capital there as​ long as​ possible – the​ more money you​ will make.
If you’re concerned about getting the​ maximum amount of​ interest on​ your loan,​ you​ could try doing a​ savings comparison search on​ the​ internet .​
Sites such as​ moneynet.co.uk ( www.moneynet.co.uk/banking-saving/index.shtml ) and reviewcentre.com ( www.reviewcentre.com/products2312.html ) allow you​ to​ compare different accounts alongside each other.
If you​ keep a​ tight grip on​ your finances,​ then it​ is​ likely that you​ will be in​ a​ strong position to​ pay off your loans when you​ graduate .​
Whilst studying,​ you​ might also be interested in​ conducting price comparison research for insurance and current accounts to​ ensure you’re getting the​ best deals .​
Don’t be seduced by high street offers of​ freshers’ fair promotions – collect as​ much information as​ you​ can,​ so you​ can make an​ informed financial decision .​
It’s also worth setting yourself up with online accounts which you​ manage through an​ account aggregation tool .​
Account aggregation allows you​ to​ manage your money online and can save you​ time,​ foot leather and bank charges .​
If you​ want to​ find out more about account aggregation,​ visit the​ Channel 4 website which offers a​ detailed guide .​
( www.channel4.com/4money/banking/features/account_aggregation_161204.html )




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