Advice on student finance for those starting higher education

Wed, 27 Jul 2011

Those heading off to college or university this autumn have been encouraged to start their studies early by researching student finance - a move that could help make the academic year run more smoothly in terms of economics.

An article in the Mirror looked at how some lenders are offering incentives to those who open a student current account with them

However, it advised against being drawn in by short-term benefits and claimed that youngsters should instead focus on the interest-free overdraft facility, which could be more useful throughout their academic career.

Moneynet.co.uk spokesman Andrew Hagger told the newspaper that he recommends Halifax and HSBC's student accounts, which offer interest-free overdrafts of up to £3,000.

These offer £1,000 more than their many of their nearest competitors and the publication pointed out that this could save students £99 per year if they borrowed the extra cash at 9.9 per cent elsewhere

"Set yourself a weekly allowance for food-shopping and cash for going out and make an effort to keep within it," Mr Hagger advised

"Just draw out your allowance in cash each week and get into the mindset that once it’s gone that’s it until next week."

With university fees increasing this year, managing student finance while in higher education could mean the financial impact when entering full-time employment is lessened.
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