There are lots of things you can do to avoid getting into debt as a student.
- Remember that the student loan has to last you 12 months except in your final year, so make sure you budget for the summer months
- Make a budget – this is very important, especially if you have not had to do this before. Make a list of all your costs per month and work out how much you have to live on each month (e.g. student loan, bursary, part-time job). See if there's any shortfall and then look at ways to decrease your costs or increase your income.
- Shop around for the best bank account – don’t be taken in by free gifts or other introductory gimmicks as these are not always linked to the best accounts.
- Credit cards may seem like a good idea at the time, but the debt soon builds up – even with the best of intentions! If necessary, get only one, and keep up your monthly repayments.
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What to do if you get into debt
First of all, if you get into debt
- don’t ignore it
- don’t panic
- do something about it now
There are different ways you can get advice:
- If you want to speak to someone about it, you can make an appointment to speak to a Student Funding Adviser. To request an appointment click here
- Alternatively, you can speak to a debt counsellor on one of the free telephone numbers below:
- National Debtline: 0808 808 4000
- List of local services that provide free and confidential money advice eg. Citizens Advice Bureau (provided by the Scottish Executive)
See the links below for further information: