The evil force of being a student. (Student Loans Co.)

Member Name: andycharger

Product:	Student Loans Co.
Date:	03/01/01 (89 review reads)
Rating:

Advantages: Easy money

Disadvantages: you have to pay it back.

I remember my days of being at Uni. Things were tight money wise but I had the benefit of living at home.
Hence, when it was my turn to step out into the big wide world, my Student loan was not as monsterous as some of my friends.
some of them had racked up £10,000 worth of debt. That is a lot in 3 years but unfortunately necessary for some people.
I started paying mine off as soon as I got a job but some of them put it on hold and are only now starting to pay it off, 5 years later.
Its like a dead weight around your neck. You know you have to start paying it off one day and its best to start as soon as possible. Otherwise you will be in their situation. They are still renting accomodation because they cannot afford a mortgage or are unable to get a mortgage because of their loan.
Another alternative would be to be more careful while at uni. I think they went a bit silly at spending. They thought "worry about it later" but now it is later and they have to pay it back.
So here are my tips on Student loans.
Find the best one to suit you.
One with some flexibility in repayment but one that encourages you to start repaying as soon as possible.
Shop around for the best deal. Your bank that you have been with since School may not be the best one. Try and get a low interest rate if you can.Most good uni's have a day during the first week of term where the banks come in to visit you and discuss finance on a 1 to 1 basis.
Be careful when spending. Remember, its only a loan and you will have to pay it back.

I hope this has helped a few of you out.

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