Dealing With Student Debt and Taxes
A large number of university students in the UK are worried about how to fund their studies. Working extra hours at jobs does not solve their problem because it ends up in mental distress which ultimately affects their grades. The only feasible option is to take out a student loan. On one hand these loans provide financial assistance to the student, on the other they can leave a student indebted after leaving college.
Student loans are typically extended to students to help finance their higher education. Many students consult accountancy services UK and approach The Student Loans Company (SLC) to obtain a student loan since it has lower interest rates than other forms of personal loans.
How to Obtain Student Loan with Maximum Benefits and Less Debt Stress?
- Part-Time Job
Part time work is a good way to support your financial burden, however make sure your working timings are flexible and do not collide with your classes. You can also work full time on weekends and holidays to avoid the stress of working and studying simultaneously. Along with newspaper classifieds, business directory is a good place to search for jobs offered to students willing to work on part-time basis.
- Find a Scholarship
If possible, try applying for a scholarship. Many universities offer scholarships to bright students who are willing to study but don’t have enough money in pockets. Filling scholarship application forms requires a bit of effort but once you succeed in getting a scholarship, there are no tuition fees to worry about.
- Opt For a Less Expensive Institute
We all love Oxford, but there are several other choices when it comes to picking a college or university. Remember, it is your degree that actually matters. Therefore, select an institution depending upon your budget.
- Borrow ONLY For Studies
The loan you acquire should be strictly used on studies, not on a lavish lifestyle. Spending money on clubbing and makeup is not worth all the stress you will have to bear when you move out of college with £10,000 loan debt.
- Don’t Sign If You Can’t Repay
Never sign a loan contract unless you are not sure of what terms and conditions apply. You will have to repay a student loan even if you are bankrupt, so make sure you don’t sign the papers if you are planning to escape it somehow later.
These are just a few major tips to deal with student debt. You can also consult professional chartered accountants to assist you with financial planning.