If you are at university studying hard as a student it can be difficult to keep an eye your finances so your loans and debt don't build up too much over the time of your studying so here is some great advice on keeping your head above water.
1: Do get a student loan as these are always offered at very low rates of interest and you only have to pay them back once you are working. So in effect you can carry on having the loan with interest only being added at very low rates so you can almost forget about it over the time of the loan.
2: Do invest your student loan at the beginning of the term - once you get the first cheque deposit it in a high interest savings account and / or invest in a bond or premium bond - the last one you can take out at any time and you may win something - I know a lot of students do this and get small wins over the year.
3: Do have a part time job during the holidays because every little bit of income helps you earn and pay for every day living expenses - there are hundreds of companies that require temporary cover during the summer and winter months especially in the travel industry and employ many student each year. Although you'll only get just above minimum wage that can be an extra few hundred pounds per week which could add up to over a thousand by the time your holiday finishes and you won't have to pay tax because your earning will be below the income tax threshold.
4: Do apply for bursaries and grants because there are many available for all types of circumstances. Read more about student bursaries available and these can add up to thousands each year on top of any student loan you may receive. Check with your university or college to see what grants and bursaries are available for your course.
5: Don't get a credit card because the interest rates are always over 15% more often than not over 20% and the debt will mount up very quickly and can be hard to pay off once you are working and need additional capital to buy things once you have finished your course. The banks are often keen to offer credit cards with a low limit but if you have a card you will likely spend up to the limit very quickly and remember you have to survive at least 3 years before you are earning real money to pay these debts off (unless you get a part time job during the holidays as discussed above)
In summary though it's just you who needs to watch how your finances map out so pay special attention to your income and try to keep your spending to a minimum in the first few months so you can manage your money efficiently.
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