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Avoiding student debt

For those wanting to enter into further education, it is not only the grades you need to think about but also how you will finance it. Many students are often put off furthering their education at the thought of getting into debt. However, having some amount of debt is often a part of student life but there are ways that you can limit it if you are careful.

Tips for avoiding debt

An increasing number of students are now finding that a part time job can really help their finances. If you currently work for a large chain then you may find that you can get a transfer to a branch in the area you will be moving to. However it is important to remember that your work should not interfere with your education in any way. Unfortunately, this may not be possible for everyone as some courses take up considerably more time then others.

A number of Universities can offer bursaries to those most in need so it can be worth applying for one if you think you may be eligible. Make sure that the first thing you prioritise is paying your rent so that you can try and budget the remaining money on the less important things. If you do not choose to live in halls then be aware that you do not have to pay council tax unless another person in the house is not a student. Living in halls is often the cheapest option when you are at University as food and bills are usually all included.

Be sure to get a range of quotes when you take out insurance to make sure that you get the best rate possible. This could help save you quite a bit of money. Be careful not to over-borrow; try to work out the amount of money you will need and do not be tempted to borrow more as you will still have to pay it back at a later date!

One of the biggest expenses can often be course material. The text books you need are often very expensive so it can be worth looking in second hand bookshops first. You will also find that many students who are graduating will be looking to sell their old books and you could save quite a bit of money this way, so keep an eye out on your department notice board. When you go to the supermarket make sure that you look out for special offers and buy in bulk to reduce your bills.

Remember that as a student there will be a number of discounts in shops etc available to you with your student card, which can help save you some money. Lastly, and probably most importantly, make sure that you are careful with how you spend your money and prioritise the things that you spend it on.