If youre considering going to university, there is a strong chance that youre also contemplating taking out a student loan to fund your university expenses. Student loans dont have to equate to student debt and if you plan your finances, it is possible to get by without student loans and possibly even profit from them. There are many sites on the internet which provide downloadable student finance guides and online advice on how best to manage your finances. Moneynet offers a comprehensive student finance guide, whilst the money section on support4learning is also a popular internet resource.
The first step to avoid financial dependence on a student loan is to consider taking a gap year to gain experience and earn money. This is a great opportunity to start saving for university and will give you funds to cover accommodation and bills without tapping into your student loan.
In terms of managing your personal finances, you could open up a notice savings account and invest your gap year earnings alongside a student loan, accruing interest on the total amount, but being disciplined so that you only ever tuck into your savings not the loan itself.
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