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Student Debt - Debt Management Guide
One of the easiest times to get into debt is while you’re a student. Currently the average debt levels of graduates are between £10,000 and £12,000. As grants are now abolished most students rely on student loans.
The LEA can provide student loans, of which 25% of your entitlement is based upon your or your family’s income. If you do not live with your family you will be classed as an independent student. If so the 25% will be based on your income, or if you have a partner, it will be based on your residual income. The LEA will explain how your loan will work and how long you have to pay it back over. While you are a student you are exempt from council tax. There are other benefits you can claim in certain circumstances such as being a parent or disabilities. The LEA will help you find these.
While you are a student it is essential that you do not spend too much money. It is easy to want to spend a lot of money on your social life such as buying rounds of drinks and buying electrical entertainment systems such as widescreen TVs. This should be avoided, and you should budget well and make sure you do not buy too many non-essentials.
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