Money and Financing For Students

There was a brilliant program on ITV last year with Martin Lewis about saving money, with common household changes and a section of student loans.

Some of the highlights are:

  • You don’t need cash to pay for university – student loans are designed for people with no money, and you can borrow as much or as little as you need to live.
  • Student loans are not on your credit file – this means that your credit score will not be influenced by the student loan, and loan companies do not see it when you are applying for future finance.
  • Your student loans is wiped after 30 years, which means you won’t be burdened with the debt for your entire life if you cannot repay it.
  • If you earn above £25,000 then you will repay 9% of everything you earn above that limit.

There are also some great tips on the Money Saving Expert website, and you can compare deals at the Best Loan’s website.

You can find out more about your student loan here.

Further Resources