7 WAYS TO REPAY STUDENT LOAN CONSOLIDATION
Today most of the students take loans to fulfill their academic aspirations. But very often they face severe debt problems. It has been found that students owe at least an amount of £10,000. So if you are thinking to avoid all your debts, here are some tips:
- There are many universities that offer funds to students who cannot afford the heavy expenses. You can avail various scholarships. It can be of a great advantage as it covers all your education expenses.
- There are many universities who even offer debt advice services. You can browse some of the useful sheets of the National Union of Students for any kind of financial support.
- Regulating your credit score is very essential. Always go for a student loan instead of borrowing through banks. This is invariably a cheap method. In case you are opting for banks, check their rates. A cheap overdraft facility can help you a lot. Certain banks even have graduate banking facilities.
- The best way to defeat your debts is opting for part-time work. Now students can easily work since student grants have been abolished. You can choose a job according to your requirements. Always grab a job that gives you flexibility. Many students resort to summer jobs or work during holidays. The website of The Recruitment and Employment Confederation has a wide selection of employment consultancies.
- In the recent times, students have a lot of work rights. The minimum wage rate is set at £ 3.70 for anyone who is 18 years. For more queries, you can consult The National Minimum Wage hotline at 0845 6000 678. So you can happily work and repay all your loans. The basic mantra is to earn while you learn!
- Students who engage in jobs during holidays should ask their employer to complete P38(S). This means that there will no deductions from their salary. However, if you have already worked, you should have the form P45 for your new employer. For more information on other tax regulations for students, you can refer to leaflet IR60.
- Apart from these methods, consolidating debts is a great way of tackling debt problems. You just require to consult a lending institution that will carve you a way out of debts. Merging all your debts into a single one simplifies the task of debt management. Students will make only one single student debt consolidation payment. This reduces the rate of interest and is best applied for credit card debt consolidation.
These are some of the most important student loan management tips. But these tips will definitely help you to manage your student loans in an organized way.
Miranda Jones is a freelance writer and publishes debt advices at Debt And Debtor. For more debt advices she recommends you to visit YesDebtFree.co.uk
