<< back to previous page
Student loan debt is inevitable but can be controlled
Tuesday, 03 July 2007
New and existing students in the UK must be prepared to accumulate some student loan debt in the current higher education environment, but should be careful when considering any further loan or credit options.
Speaking from the Consumer Credit Counselling Service, a charity set up to offer advice to those people struggling with debt and finances, spokeswoman Frances Walker insisted that modern students must shop around for the best banking deals to ensure they do not run up untenable levels of debt.
"I don't think [loans] are advantageous, but I think you just have to accept that you're going to have to do it - unless you happen to be in the position which very few are, where your parents are going to support you," commented Ms Walker.
"Most of the banks do offer quite generous [deals], like interest free overdrafts or whatever for students. It's quite easy to look at [price comparison sites] and compare the best deals out there. Quite often they'll offer free overdraft facilities for a couple of years after they graduate, which they should take full advantage of."
"The best thing is obviously to avoid expensive forms of credit, like credit cards
really look into the best student deals around
There are plenty of options out there."