Most of us can't avoid student debt of some kind. Here are some tips on how to manage your money and student loan.

Spend money wisely

It's easy to spend quickly, but much harder to pay off any debts you build up.
  • It can take months or years to pay off an overdraft or credit card, or even longer if you have store cards or a loan as well.
  • With careful budgeting you can avoid creating a difficult debt situation for yourself.
  • Knowing your incomings, outgoings and what's left over should mean you won't end up with huge bills you can't pay.

Manage any debts you already have

If you do run into problems, try to lower your outgoings.
  • Figure out what you can do without so you can make savings.
  • Don't get another loan – you might just end up paying more interest.
  • Instead, set up a realistic payment plan so you won't have to worry about it and you can focus on your studies instead.
  • Then hopefully you'll finish your studies with as low a debt as possible.

You can find a list of organisations offering free debt advice on the Money Helper website.