Expert tells student loans customers to carefully select banks

Tue, 18 Oct 2011

Student loans customers should think carefully about their choice of bank when deciding where to place their money for the duration of their university careers.

Credit Confidential vice president Paul Lewis explains there are some that are more student-friendly than others in terms of the overdrafts they have to offer.

"If it's a gap year or you're a fresher at university it's very important to adopt sensible, responsible financial habits," he notes.

As well as using money from student loans, young adults might also take out credit cards to help them fund this time of their lives.

If this is the case, Mr Lewis warns meeting repayments is essential, as this will avoid black marks being added to the individual's credit history .

Johnny Rich, editor of Push.co.uk, recently claimed the majority of university-goers will not be required to fully pay off their student loans because the sum is dispensed with after a period of 30 years.

This means many students will only pay off a "fraction" of the total amount owed, he added, with the government footing the rest of the bill.
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