Tips to Keep Student Debts to a Minimum

Tips to Keep Student Debts to a Minimum

 

Whether you have a child who is fast approaching university age, or you’re considering going back into higher education yourself, you’re probably really worried about the money side of things, and with the average student debt now topping £50,00 you are right to be worried, but you needn’t be overly concerned if you do one of these things to keep your student debts to a minimum:

 

Save

If you still have a few years before university becomes an issue, open the highest interest savings account you can find and add to it regularly, even if that means living frugally for a while. The more money your child has in the bank when they head off to university, the less they will need to borrow and the fear debts they will accrue, in theory anyway.

 

Seek Sponsorship from an Employer

There are lots of employers who are willing to sponsor employees to get a degree because the more educated their workforces are, the better it is for business as a whole. So, it’s always worth looking into this option if you want to get your degree for free!

 

Consider Online Options

If you get an online masters in marketing instead of doing your degree on campus, you could cut your fees in half, and since you can get degrees in everything from computer science to environmental studies online, it has never been a more viable option, Because you can learn in your own time, it also , makes it easier for you to work and study, which will help to keep debts even lower, too.

 

Do a Degree Apprenticeship

A number of companies in the Uk are now offering degree apprenticeships where the apprentice is given financial support from the employer and the government to complete their studies. The benefit of doing this is that you will get help with your fees, you’ll earn a wage, and you will get not only a degree but relevant experience in the industry to boot. It really is one of the best ways to earn a higher qualification without getting into mountains of debt.

 

Study Overseas

Studying overseas is a great way to cut the cost of your education because fees are a lot more affordable in many far-flung destinations than they are in the UK. It’s also a great way to see more of the world and embrace new cultures.

 

Crowdfunding

If you’re really brave and you aren’t worried about what people may think, then crowdfunding your degree instead of using student loans and credit card debts to get your way through might just be what you’re looking for.

You might not think that anyone would be willing to give you or your child money to study, but as one lucky student Sarah Atayero found, there are some very generous people out there who are willing to chip in and help others out. It might be worth a try if you’re out of options.

Huge student debts aren’t an inevitability, and if you try some of the things above, you could even graduate debt free!

 

 

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