NEW STUDENT FINANCE BOOK Helps To Save Save Student £7000 A Year


Student money website, Save the Student! has created a free eBook all about student finance in order to tackle the rising cost of university in the UK.


A recent survey carried out by the site reveals a severe lack of personal finance education in the UK, with 68% of students worried about repaying large sums of money borrowed from banks during university.


The majority of students heavily rely on bank overdrafts to supplement the growing cost of higher education. Without such a facility, 45% of students surveyed claim that they would not have attended university at all.


But shockingly, half of students are unaware of their repayment conditions. Banks typically require students to repay a large proportion of their overdraft within a year of graduating to avoid high interest charges. Students need to pay close attention to the small print and choose their bank carefully.


A final year student said: “I hadn’t realised that I have just a year to pay back my full £3,000 overdraft, until I got a letter from my bank a few weeks before graduation. New students should apply with caution.”


The online survey by student money website Save the Student! highlights the severe lack of financial education for young people. This is in spite of them being increasingly driven into debt through significantly higher tuition fees in the midst of an ongoing recession.


The problem is further compounded by confusion surrounding the new student finance system in this country, which has already put off some bright students from poorer backgrounds from applying for university at all.


Owen Burek, founder of Save the Student!, argues:


“If students are now expected to take on in excess of £40,000 of debt for their university education, then they should rightly expect to be better educated about both personal and student finance to maximise the life choices they have to make. They don’t teach this stuff in schools. What we are doing at Save the Student! will go some way to correcting the balance.”


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