| Research
shows that average debt levels for graduates is
between £10,000 - £12,000 and is likely
to rise in the future. Debt levels vary considerably
depending on the length of your course, where you
are studying and the level of financial support
received. As student grants have now been abolished
and charges are made for tuition fees, many students
now rely on student loans as their main source of
income. They are also increasingly relying on various
forms of credit in order to survive an average three
year course. If
you are struggling with current debts or have
backdated student debts now is the time to do
something about it, call us now for a free Financial
Summary alternatively you can download an Application
form here. Or discuss your debts with an online
advisor.
Choosing
a Bank Account – Things to consider
Most
of the major High Street Banks offer special accounts
for students. Things to consider when choosing
a bank account are:-
- the
amount of any interest-free overdraft you can
have:
-
The charges and interest on authorized and unauthorized
overdrafts and loans
-
How long you can keep using the same account
after graduation. Many banks have the option
to move to a graduate account with preferential
rates instead, while some may insist on you
turning your overdraft into a loan.
-
WARNING: Check
out what the bank will charge if you go over
your overdraft limit. These charges are often
very high.
Sources
of Financial Help
The
following help is available to Students:
- Local
Education Authority (LEA) – You may be
able to help towards tuition fees based on income.
-
Disabled Students Allowances (DSA) – You
may be eligible for help with costs you incur
while attending your course, unlike a Student
loan DSA does not need to be repaid.
-
Care Leavers Grant – If you are a Student
that has left care you may be able to claim
for help with accommodation costs in summer
vacations.
-
Childcare Grant – For any childcare costs
during term time or vacations.
-
Lone Parents Grant – A single parent can
claim to supplement income.
-
Parents Learning Allowance – If you have
dependant children you may be able to claim
extra help for costs related to your course.
-
Hardship Loans/Access Funds – Only in
exceptional financial hardship as a result f
living costs or other related expenses. Administered
through the college or University Student Welfare
Dept.
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