Students Should Bank On Debt And Say No To Easy Credit

You’re right-on. You’ve got a “Drop The Debt” T-shirt, two years on a kibbutz under your hemp belt and more cheap-yet-meaningful bracelets than Argos.

And now you’ve got a bank account.

Oh, the shame. But you need one of these instruments of capitalism because you are about to experience debt at close quarters. The maximum maintenance loan is £4,405. A year! Can you live off that?

To facilitate the debt you need a bank account. And that gives you access to an overdraft.

This is the amount of money you owe the bank. And because the banks know you are a student, and therefore cash poor, they can offer you a very decent rate.

The incredible thing is that because the banks see you as a future good earner they are fighting for your custom.

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Making Education Pay: Learn About Student Loans, Bursaries & Grants

The era of free higher education is gone. From last September all but three universities in England began charging £3,000 a year in tuition fees.

The better news is that the Government will pay the fees upfront in the form of student loans. Students have to pay the money back when they are earning £15,000 a year or more. The average graduate-level starting salary is £18,000.

But the debt can build.

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If University Is Not For You Get An Apprenticeship And Earn On The Job

Once upon a time, the Confederation of British Industry conducted a survey to find out what school leavers knew.

The findings made for sober reading. The CBI said 42 per cent of the employers it surveyed were unhappy with school leavers’ reading, writing and number skills. Employers are confronted with too many staff who lack the basic skills to perform well at work.

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Students: How To Make Cheap Mobile Phone Calls And Use Your Noodle

“Students are paying an arm and a keg for mobiles every year – forking out the equivalent cost of 114 pints of ale.”

The Sun is right. The tabloid press remains a bastion of truth.

The article goes on to say:

“Over £20million every month is being screwed from penniless studiers through unsuitable mobile phone packages, says research from new mobile phone service provider Noodle.”

Oh?

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Money Round-Up: The Interest Rate Rip-Off, Reclaim Money On Utilities, Manage Student Credit, Cashback & Travel Style

Interest Rate Lag - You may have presumed that the recent hikes in interest rates would have automatically been passed on by banks to their savers. Well, according to the Telegraph’s Emma Simon, you should never presume anything when it comes to the banking establishment. She outs the institutions who have failed dismally in rewarding their savers, with Citibank the worst offender.


Reclaim money - We could all do with a little extra cash to help us cover the bills, the mortgage, the bank charges and that vital subscription to the Playboy channel, and the Motley Fool shows us how to (possibly) reclaim a tidy £200 from overpayments to our energy suppliers.

Student credit - As the new college year beckons, an army of fresh-faced freshers will be eagerly preparing for their new lives, stocking up on stationary and settling for dingy bedsits in the ghetto. However, a life of drink, drugs and the occasional lecture costs money. Luckily, the Guardian’s Laura Howard is on hand to offer some helpful advice on how students can keep their credit record squeaky clean.

Cashback - Alison Hunt back at the Motley Fool waxes lyrical over the benefits of cashback credit cards. What could be better than getting paid to spend? Although if you are, like me, rubbish with your money, than the benefits of a cashback credit card will pass you by.

Travel luggage - If your planning a late-Summer holiday, then Nicola Copping at the Times takes a look at the latest swanky luggage on the market, with some rather reasonably priced. After all, bags are the new shoes – or are shoes the new bags?