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Don't bury your head in the sand over student loans

Wednesday, 27 June 2012

Posted by Mozo

It is very easy for university students to take out a huge loan from the authorities and then carry on as if you have earned the money yourself.

Most people simply cannot afford to go into higher education without some significant financial help from the government and this will certainly be the case if tuition fees suddenly soar.

However, you must remember that while it seems like you are receiving something for nothing – you certainly aren't.

Believe it or not, loans need to be paid back eventually and they usually accrue quite a lot of interest.

Of course, you will only pay a small amount back each month once you have got yourself a job, but it is worth clearing the debt as soon as possible.

Any spare cash you have in your student bank accounts should go towards paying off the loan, as this will save you a significant amount of money in the long run because of the interest rates.

Have a question about student banking? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801394481-ADNFCR

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