Think before taking a student loan (Student Loans Co.)

Member Name: wallace

Product:	Student Loans Co.
Date:	03/07/00 (36 review reads)
Rating:

Advantages: Cheap interest rates

Disadvantages: Interest accumulation

Student Loans are an excellent Govt initiative to help those who wish to further their education. However, I feel that it is too easy to get a student loan and not enough emphasis is put on the repayment which will inevitably fall due one day.

Whilst studying, I do not recall a student being refused a loan nor do I remember having an explanation of the repayment procedure. Many students are busy enjoying themselves to be worried about potential payments a few years on.

The reality is that following a three year degree course, you had the opportunity to take out three loans for each year, each of which is quietly accumulating interest. I was lucky enough to have my loan deferred for a year, however, I was not aware that the loan would continue to grow due to interest charges. I suppose the upshot is that the interest rate is at least very low. My advise is.. think first, if the loan isn't totally necessary, don't take the full amount.

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