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Financial Advice For Students
There are many ups and downs to college and among them is the level of financial debt you're going to face once you graduate. Studies have shown attending a three year college course will cost in excess of £15,000 in debt. In just last year, a record setting 900 graduates declared bankruptcy. On the other hand, governmental statistics show that if you obtain a degree you can count on £400,000 in income for the career in a few short years after graduating. 90% of recent graduates stated that the debt they'll accrue as a result of attending college is well worth it because of the potential income. That is, of course, if you've received money advice and you understand the goals of financial planning. Getting financial advice or even investment advice for that matter is by far a wise choice for students. Here are a few ways to maintain a good credit and financial standing and to avoid falling in to tremendous financial debt.
Familiarize yourself with different tuition discounts
Getting into a University is only one step. The next step is determining how to pay for it. The university you're attending, as with many others, offers specific courses at set annual rates and some are as low as £3,000. There are also undergrad courses available at Leeds Metropolitan University for only £2,000. And full time students beginning in autumn at Anglia Ruskin University can receive £2,000 cash. These discount tuition rates are a result of the competition to increase their student enrollments. Shop around when considering universities to attend. You can also include financial resources in your decision.
The cost to study at a university abroad is much more than it is to study at a local college or university. 1 in 5 college students attend the school closest to home and live with their parents to save money. While a new student may consider living at home not as exciting as college dormitory living, the potential to save as part of your financial plan towards tuition loans is substantial. Although statistically 2/3 of college students living at home rarely participate in college social activities, which can seem as if you're missing out on terrific fun. But considering the overall cost will help you determine if attending a local university is best.
Find Part-Time Employment
Remember the goal here is the avoid getting into deep financial debt after college. Finding a part time job while in college is an excellent way to reduce post graduate debt. Nearly 40% of UK college students work part time to support their college tuition. On average, a part time job would be a 14 hour work week. Many students feel that is a great help to their financial future. And having a little extra cash while in college is ideal. Try looking into summer or vacation employment opportunities. However, in certain areas part time employment can be difficult to find. But most importantly, you'll want a job with set hours which are not to late and do not interfere with class schedules.
Being in college, you'll find that many credit and student loan opportunities will come with ease! Although this is great for someone who needs some financial relief, you should never recklessly spend money during attendance at a university. That is how many graduating students find themselves out on a financial limb and soon contemplate bankruptcy. Borrowing more than you should is detrimental to long term financial health and will stigmatize your credit merit. If this happens, you can forget about seeking mortgage advice, because you'll be looking for a bankruptcy attorney instead. So just because banks and government programs are throwing money your way doesn't mean you have to take it. Consider what the end result will be when you calculate the amount of debt you'll be in later.
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