However, when my parents told me about student debt I started paying attention. They told me the average amount of debt a student now leaves university with is over £20,000.

This took me by surprise and made me think carefully about how I would spend my money at university. I didn’t want to leave with a mountain of debt, I just wanted to enjoy myself, get my degree and then leave – preferably with as little debt as possible.

And that is what I did. I have recently left university with just a few thousand pounds of debt.

So how did I do it? Well, it’s all about planning. If you plan out what you are going to spend each week, then you might be able to remain in control of your financial situation. You can plan out exactly how much money you need to spend on your food, studies, travel and social life.

I did this every week. I spent half an hour every Sunday writing down exactly what I needed for the next week, and planned what I would spend my money on:

• £20 would go towards food/drink
• £10 would go towards travel costs
• £20 would go towards socialising.

This would come to £50 week in, week out. By doing this, I could work out how much money I would spend in a month (£200), and then how much I would spend in a term (around £600) – so I knew exactly how much money I would need throughout my degree and could avoid getting into debt unnecessarily!

If you are a student or a graduate looking at your finances / debt, you may find these websites useful:

http://www.push.co.uk/
http://www.interstudent.co.uk/student-money/stop-student-debt.html
http://www.thinkmoney.com/debt/
http://www.moneysavingexpert.com/loans/student-loans-repay

A student loan, how does it work?

The student loan is a consumer loan that will allow us to finance our education: tuition, housing, computer, food, travel, car (or anything else because you do not have to justify your spending ask for!).

How to have a loan?

No specific illusions: The bank will lend you more if you are enrolled in a school rather than college of humanities. Also you get a larger master in that first year of … Namely, too, the higher your income and your bond is, the more the loan can be high. The amount of loan may vary, depending on the banks. The total duration of loan can run two to nine years on average.

How to pay?

The repayment of your student loan takes place in two stages:

1. Franchise partial or total? A first step in your frank repayments (delayed phase), which lasts two to six years, the time to finish your studies. During this period, you choose a franchise partial and not repay the interest, plus any insurance premiums (the death-disability insurance is not mandatory, but strongly recommended), for a total exemption and pay nothing (except insurance premiums if any). If you can afford it, the first formula is more advantageous in terms of the cost of your loan.

2. The repayment of the loan itself. During the second phase (known as “depreciation”), which normally begins at the end of your studies, you repay the loan itself. The duration of this period varies according to the first. The total duration of your student loan may be up to nine years.

Change the duration of the loan?

We can make a prepayment of loan, without penalty. One month’s notice is often required. Simply make a handwritten letter to the order of asking bank to reimburse all or part of credit. And for those who need a little “extension”? This is probably negotiable on a case by case basis, but rarely expected.

- Low rates compared to other consumer loans, between 2.85% and 5.9% on average.
- In some banks you can get free from any fees. It is always to save it!


- Flexibility: the loan is available in one or more times.
- If you are enrolled in a high school you will get the best rates of interest.

The least known of student loan:

- No credit without caution: because they cannot justify regular or sufficient income, you can obtain the loan without the guarantee of parent or relative. This will be his income and expenses to be taken into account when calculating the debt ratio; it will repay your loan in case of failure on your part!

- The debt: Repayments begin when you enter the workforce at a time when your equipment needs may be even larger (housing, car, etc.). Today, a real obstacle to the loan, especially as graduate unemployment remains very important.

- The side of your studies if students from large schools are eligible for preferential treatment, on the contrary you may encounter some difficulties to take out a loan interest if you are enrolled in tray 2, even professional, or tray 3 at the university.