With exam results having been issued in Scotland, it is inevitable that many youngsters are now considering further education as a viable option after the summer. Pupils in England and Wales still have some time to wait before they receive their results but they will also be thinking about what to do next in their life.

Be aware of initial costs

There will likely be costs that need to be met when you start off at University or college. If you are asked to buy a lot of text books for the semester or year ahead, this is going to represent a sizable outlay as these books aren’t cheap. You should look for ways in which you can minimise the cost of buying or obtaining these books but you will need to consider that this is an area where you have to spend money.

 

There is also the fact that if you move into student accommodation or are paying for a travel ticket, you are likely to have an up-front cost to take care of. Making plans for this bills will smooth your process into student life. You don’t want to start this stage of your life with student debt.

Know what you are entitled to and avoid student debt

While the days of sizable student grants are long gone, there may be money you are entitled to in order to support your studies. It is well worth considering scholarship schemes, bursary packages or even welcome packages on offer from universities and colleges. You should look to find out about these benefits as quickly as possible but some of them may be available retrospectively, allowing you to claw back some money at a later time. This can help you avoid developing student debt.

Don’t consider payday loans

If this is your first time away from home managing money and yourself, you may think that a payday loan is the option to consider. You won’t want to rely on parents or family members for handouts but if you are used to getting money at short notice, you may be tempted by this style of loan option.

This should be ignored, even if you have built up student debt. There are other loan options which may be suitable, such as a guarantor loan, but you should give them serious thought and consideration. It may be that a family member will be willing to act as a guarantor for you but you should talk about this option in great detail before you commit.

Becoming a student is an exciting time in people’s lives but it can be costly, so it makes sense to know how to best control your finances.