Borrow now, pay later (Student Loans Co.)

Member Name: Cow-Lover

Product:	Student Loans Co.
Date:	21/08/00 (38 review reads)
Rating:

Advantages: free money NOW

Disadvantages: Pay interest LATER

A recently-graduated student, I couldn't have survived at University without the safety-net of a student loan.

Lots of people have grown up with a phobia about borrowing money, and I have to say I used to be one of them. But when you end up at Uni, wishing you had the money to do fun things and go out/abroad/etc with friends, or just to buy one more text book or journal, it's well worth taking out the loan. The process itself is relatively simple and you are allowed to borrow quite big chunks of cash at once - eg enough to pay for your accommodation at one go, etc. This means you may not have to do paid work during termtime - a boring way to spend student life, as you are missing out on all the free student fun which is around. Working in the holidays is one thing, but having to do it in term-time is a drag.

The other great thing about student loans is that noone pesters you to start paying it back once you have left Uni. You have to be earning a fixed amount before repayments are due, so you'll be able to handle it when it does happen.

Student loans just give you a bit of peace of mind in the financial minefield of student life - and they can make the difference between a great Uni experience and a depressing, penny-pinching, eternal-beans-on-toast-eating one. When it comes down to it, most people end up taking at least one loan out during their student career, and doing so doesn't mean you're weak-minded or bad with money. Swallow that pride and take the cash!

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