As a new wave of fresher’s start university, many think it is inevitable that they will leave University complete with a huge pile of student debt and that becoming Debt Free after a university student lifestyle is an impossible dream.
The BBC have published an article posing the question Can You Get a Debt Free Degree? They believe that it can be a reality….
They spoke to a second year undergraduate who believes that the media exaggerate the amount of debt that a student needs to get into whilst studying for a degree and that is possible to have a debt free degree. He says: “If these students put more thinking into their careers and plans, they can easily end up with no debt.”
He believes there are simple ways for students to have a debt free degree by making simple changes to their lifestyle and making their money go further. His tips include cycling to university to save on transport costs and take a part-time job.
Many Universities provide guidelines for students who work part time, typically saying that they should work no more than 16 hours a week so it does not interfere with their degree studies.
It is worth noting that to achieve a debt free degree you do not have to go to university at all, as many colleges offer further and higher education at a lower course fee. You may even wish to do your university degree through the Armed Forces, as army undergraduate bursaries pay out £1,000 a year and then a further £3,000 on leaving Sandhurst. Students are then committed to three years service.
Another way to get a debt free degree is to check out what financial support is available for you. The Educational Grants Advisory Service (EGAS) offers online information about student grants which are offered by many different charitable trusts. In order to get a debt free degree, students may wish to find out if they are eligible for funds from select charities.
Family Action awards grants of around £200 – £300 a year to students who would otherwise have difficulty financing their degree. It also offers additional help to single parents who wish to get a debt free degree through their Horizons fund.
If you already have debts before you go to University then it is essential that you get debt free advice. If you are working part time and are struggling to pay your bills, you may be looking for ways to make these cheaper. Debt Free can help you with a range of debt solutions including debt management plans. These are informal agreements between you are your unsecured creditors which allow you to make a single monthly payment to your debt.
