Financing Your Study

Being a student can be hard enough without worrying how you are going to pay for it all

. There are numerous options out there for UK students and this article is set to give you an introduction to the financial options that are open to students today and how the decisions you make early on as a student may affect you in future life.

First of all the level of help you will get will depend on what type of student you are either full time or part time. Full time students are eligible to apply for a tuition fee and maintenance loan and can apply for these once a year. Part time students can apply for financial help but as always it depends on individual circumstances. Financial help for part time students will usually come in the form of a fee grant to help pay for the course.

Before taking out a student loan of any form you need to be certain of how and when you will have to pay it back. Currently in the UK as of April 2010 if you qualify for a student loan you will not have to start paying anything back until your earnings are over fifteen thousand pounds per year. When you reach this you need to know that once you hit this threshold you will be paying back nine percent of whatever you are earning over the fifteen thousand pounds.

That still may sound appealing and why shouldn't it especially when you are eighteen and just starting a university course. Fifteen thousand pounds sound s a million miles away but believe me fifteen thousand pounds isn't a lot of money and you will no doubt be earning this quite quickly after leaving university. At this point having to pay nine percent on anything over fifteen thousand suddenly seems UN reasonable and can take an extremely long time to re pay.

That is probably the best case scenario. One that is a lot more common is students will receive this student grant that is quite easy to obtain and then believe that having credit is wonderful especially as they don't have to pay anything back for such a long time. Students will then naturally turn to credit cards yet another source of seemingly easy free money. If you take nothing else from this article our advice is to stay well clear of credit cards as coupled with your student loan will make re paying these extremely difficult.

All too often this is the case and makes students start off their working lives in a spiral of increasing debt and having to seek professional debt management help which isn't a good start to anybodies working life.

by: Jamie Lyons

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