Student Times Money: Loans

Graduate Debt – Don’t Panic!

It’s the end of summer, the school run is back in full swing and you’ve proved that the last three years weren’t in vain - you’ve graduated.

Now comes the difficult bit – finding a job! The last few years have seen you using your student loan like a never-ending cash machine, but finally it’s time to get a job and start paying off your student loan.

Posted 22.0107

Specific financial help

Non-repayable financial support is awarded to students who have specific circumstances that may affect their time at university. Below are certain issues that are considered.

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Posted 31.0107

Quesions to ask before you apply for a credit card…

Advice on what Card to go for that will work the best for you.

Posted 22.0107

Student maintenance loans

All you need to no about Student loans to keep you afloet through your year at university.

Posted 31.0107

Grants and awards

It is important to know what is available to you in terms of grants or financial awards. These can vary depending on your chosen university or college and your personal circumstances. For more information about any of the support available, you can contact the student advice centre at your chosen university.

Posted 31.0107

Student overdrafts

What is a personal overdraft?
An overdraft is a service provided by a bank which allows a customer to continue to write cheques or make other withdrawals from an account even when there is not enough money in the account to cover them. In effect, an overdraft is a form of credit, which attracts interest charges for as long as you are overdrawn.

Overdrafts can help to smooth out your cash flow when your regular income does not match your outgoings for a short period of time; some banks offer this 'safety net' free of charge for limited periods or amounts.

Posted: 01.03.07

What to you do if you get into debt?

Don't panic. Unless you've had amnesia, it won't come as a total surprise, however many unopened letters there are behind the Mathmos. Take a deep breath and...

Take stock. Painful as it may be, work out exactly what you owe and who you owe it to. Be honest, and no rounding-down. You have to know the worst.
Remember there's debt and debt: have you simply melted your credit cards, or are you about to lose the roof over your head? If you can't pay your bills, tell whoever you owe the money to (the creditor) and come to some kind of arrangement with them.
If it's a store card (ie astronomic interest) debt, take immediate action to transfer this to a lower interest debtor – even a credit card, which may offer introductory interest rates under 5 per cent. If it's a personal gambling debt to a big bloke with scars, leave the country.
Draw up a complete budget to show where your income is spent and what money is left over. Most creditors will accept this as a basis for negotiating repayments.
Draw up a league table of your debts, work out how much you can afford to pay, and who gets what first. Advisers (see contacts below) can assist, but you don't need a degree in helping people to work out that what could hurt you most should be dealt with first. As a rough but wise guide, try to maintain vital payments such as rent/mortgage and utilities.
If you're in debt with either credit cards or store cards, with high (25 per cent plus) interest rates, consider taking out a personal loan at a lower rate in order to pay off these debts. Check out www.moneysupermarket.com for best rates.
Don't make repayment promises you can't keep.
Whatever you do, don't fall for the wiles of money lenders and 'never never' lenders.
It could always be worse. You've still, one hopes, got your health. And you're still young.

Useful contacts:
National Association of Citizens Advice Bureaux website.
Consumer Credit Counselling Service: 0800 138 1111
National Debtline: 0808 808 4000