Are you a student struggling with money?
If you find being a student means getting into debt or struggling to make ends meet, there is help available. Money shouldn’t cause you stress or distract you from your studies.
Acknowledge your feelings
Recognise your stress and worry so that you can start dealing with it. It won’t go away by ignoring it.
Communicate
Be open about your financial situation with yourself, your family and friends.
Who can you contact
Your Local Education Authority (LEA)
It’s important to let them know if you or your parents’ financial position changes significantly.
Your bank or building society
If you do run into trouble, contact your bank or building society. They will have understanding and sympathetic personnel who will be able to bring reassurance and solid financial help.
Whatever you do, don’t ignore any communication and go overdrawn without authorisation. This will only push up your interest charges sharply and turn what would have been an easily solvable problem into something more difficult to sort out.
Your creditors
If you owe money to anyone else, let them know you’re having difficulties. By telling them straight away, they will see that you’re being honest and that you want to tackle your problems. You may be able to negotiate a plan to pay smaller amounts each month and then sort it out when you are working full time.
Talk to your student advice centre
Your welfare officer will able to give you sound and reassuring advice. Your difficulties are common with other students, so it won’t be new to them.
Get free advice
If you would like free and impartial advice, you can call the Credit Action student freephone helpline (operated by the Consumer Credit Counselling Service) on 0800 138 1111. They will offer you good advice and can also send you self-help material. Credit Action is a national money education charity.
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