Repaying the Student Loan

Having debt hanging over your head can be the worst feeling in the world, all you want to do is get rid of it and get on with earning money and having a life. Here at Student Network we have come up with a few tips on how to make the best of a situation and pay of your student loan as quickly as possible without gathering too much interest.

By the time you get to the point when you have to pay your student loan back if you follow these simple steps you will be well on your way to a debt free life:

• The most obvious thing first of all would be to make monthly payments a priority. In addition to this make more than the required monthly payments because this will help in reducing the amount of interest that you gather.
• If you are in so much difficultly that you can not meet the repayments no matter what you do contact your local council or the Student Loans Company to see what financial aid is available for people in your situation. Do not worry too much, there is always some sort of scheme in place to help people in these situations.
• Spend money only where it needs spending. Do not splash out of designer gear if you can make do with cheaper alternatives.
• Learn to budget properly. Get your finances sorted either on a montly or weekly basis. This will help in cutting back on unnecessary spending and if you know exactly where your money is going it will help you cut back. Visit our student budget section to find out more useful hints and tips.
• If you have any left over money at the end of each week or month save it. Put it into a bank account, put it in a jar or under your mattress if you prefer - this will help towards making payments on your student loan and will also help for the future. Please visit out bank account section for a comparison of the student bank accounts available
• Lastly would be to get a job. If you are still studying get a part time job, whether this be behind a bar or in a club, at a restaurant or even as a street performer - as long as it is bringing in extra money then it will all contribute to freeing yourself from the dreaded student debt. See our careers section for more information here.