Student Debt

The dirtiest four-letter word in the English language?

Well, for many students debt can cause extreme anxiety. If you're worried about how you'll cope with student debt, or perhaps you're currently struggling through university now, don't panic. I know these words may be of no consolation when you're down to your last bag of pasta and you don't know if you can make your next credit card repayment but many others before you have been in the same situation and have managed to survive, and so can you. Just remember that you're not alone in your position and there is help out there.

Some students have more money than others. Everybody knows someone who has their rent paid for them and receives regular handouts from their parents, or other wealthy relatives, and generally doesn't have too much to worry about, but there are other people who do struggle financially and at times will find themselves under extreme hardship. Recent studies suggest that students are now leaving education with bigger debts than ever before. Since student grants were abolished in 1998, student debt has soared and many can now expect to accumulate debts of over £10,000.

If you had started university this year (outside of London) and were to take the maximum loan available over the next three years, you will owe over £11,000 to the Student Loans Company. On top of this, you could have an overdraft of over £1000 and may have up to another £1000 on credit cards. You might not need me to tell you this and may think I'm making you feel worse but debt, as unpleasant as it is, is an inevitable part of student life but you might like to know that the problems surrounding it can be resolved, or at least eased.

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