Guide to student banking and finance - part 2 of 2

Guide to student banking and finance - part 2 of 2

No matter what your chosen subject may be, for many students it makes sense to become financially savvy. At university budgeting will be tight and you will have to learn quickly about juggling daily expenses with household bills and income from loans. Just like with an exam, revision is the key. If you know what you're getting into you'll produce better results. Learning about student current accounts, student loans, student credit cards and to be wary of consolidating student loans will help your cause.

To make student life easier it's necessary to think beyond your student loan and be prepared to go that extra mile to improve your income and cut your costs.

Student Loans

Perhaps the easiest way to help your budget is to increase your income through a student loan. Students can defer payments on the £3,000/year tuition fee until they are earning £15,000/year in employment through a tuition fee loan. For more details contact your local authority.

In addition, student loans are available to assist with living and study expenses. These usually amount to about £1,250/term. Again the loans do not have to be paid back until you are earning £15,000/year but this does not mean you should treat the loans with anything but respect. Remember their purpose and be careful not to spend excessively on unnecessary items as soon as you receive the loan. It has to last you for the course of the term and ultimately you have to pay it back.

Where to go for help with debt or finance

Hopefully by reading the moneysupermarket.com guide to student banking and finance you'll have learned the importance of a budget, useful ways to save and add to your income. However, we realise that the more help and advice you can get the better, which is why we have compiled a list of useful contacts for you to consider.

The first stop for help should be your student union representative. They will be able to deal with your needs directly and offer advice. However, there are many additional outside sources to consider:

DfEs - The Department for Education and skills offers student support.

LEAs - For a full list of local education authorities.

Hopefully you now feel well-equipped to deal with the issues of student finance. Remember at all times that help is available and you're not alone - millions are coping and you can too.

Good luck with your studies and enjoy university life!