How students can avoid a financial crisis
Recent research shows that in real terms, today’s college fees are five times more expensive than they used to be only 30 years ago. Financial problem of students is always a hot issue, so I’d like to share with you some useful ways to avoid getting into debt pits.
Not everyone can pay off their student debts. As per the research from the Institute of Fiscal Studies, 75% of graduates never finish repaying their student loans. That is a harsh reality that makes all students worry about both their university life and future after graduation. However, where there is a problem, there is a solution.
Plan the costs of living
When you’re young what you want the least is being broke. Especially when you’re a student, and you worry about your grades, thinking only about how to get assignment done on time, but student loans only give you an additional pressure.
Students often seek advice from their relatives and friends, but it’s always best to ask for professional advice. There are foundations such as UNIAID that help students by teaching them about managing their money. What are the finances? How should I calculate all university costs? If any similar questions arise, this means the time has come for you to educate yourself.
Study close to home
As an alternative to moving to another part of the country, it’s recommended to study in a hometown. Many cities in the UK have world-class universities that are highly rated. An example is the Glasgow School of Art or one of the Russell Group universities. This way a student can either live at home or find a flat with cheap rent. If you compare rent rates in Great London and Wales, you will be surprised to see the difference.
Look for a part-time job
As a way to cope with financial difficulties, students may look for a part-time job. Of course, it should not interfere with their studies, which is why it’s best to look for a job related to your field of studies. This will also add up to your experience in future and help your career. After you graduate having a job-related experience will give you more opportunities than other candidates. Some companies don’t even bother looking through applications without experience. Do not be afraid to meet your university career adviser asking for help.
Control your expenses
The reason behind many problems college students face is spending lots of money on unnecessary things. You should carefully plan your budget. Note down your expenses every time you go out with your friends or go shopping. You will see that you often pay for the things you don’t need or overpay for some necessities. The last thing you need to do when living on a budget is buying expensive things you will not use. Think carefully before every purchase, compare the prices at a few different places, or try searching for products online. Online shops like to offer good discounts, free deliveries, and other benefits. Do not forget to make savings.
Since study costs are so high many financially unstable families, decide to send their children to study in a cheaper country. In many European countries like Romania or Bulgaria, living costs are one-third of the UK living costs. Groceries and other expenses are also way cheaper.
Get a scholarship
Many universities offer bursaries or scholarship programs. When applying for a student loan one may apply for a scholarship as well. Sports facilities often provide discounts on accommodations or entrance fees. Before entering the university do thorough research on the universities of your choice and all programs and grants they offer.
Lastly, after you entered the university never forget to read the latest news. Universities may apply changes to their policies or start new programs that will be useful for you – for example, some discounts for members of sports clubs or valuable prizes for participants in specific contests. Grab any opportunity you have and don’t forget to study well since knowledge is the best investment you can ever make.
Jeff Blaylock is a professional writer at various academic platforms and an experienced tutor. Throughout his career as a tutor, Jeff has met many different entrepreneurs, who hired him to organize lessons for their employees. In this article, Jeff shares his opinion about students’ financial crisis and how it affects e-learning. He highlights importance the importance of planning costs for the modern student society and ways how it can become beneficial for you!