• Home
  • Authors
  • Write for us
  • Advertise
  • Contact
  • Privacy Policy
  • Terms and Conditions
Friday, January 22, 2021
No Result
View All Result
ABC Money
PR Fire Press Release Distribution
  • News
  • Business
  • Economics
  • Finance
    • Investment
    • Tax
    • Mortgage
  • Property
    • Utilities
  • World
  • Technology
  • Fashion
  • Health
  • Holidays
  • News
  • Business
  • Economics
  • Finance
    • Investment
    • Tax
    • Mortgage
  • Property
    • Utilities
  • World
  • Technology
  • Fashion
  • Health
  • Holidays
ABC Money
No Result
View All Result
Home Finance

Can Today’s Graduates avoid the student loan Trap?

by Elliot Preece
24/04/2019

When student tuition fees increased at the beginning of 2015, a national debate was sparked concerning the value of loans extended to aspiring graduates. While some suggested that such fees were extortionate and not in line with the quality of the education they would receive, for example, others celebrated the flexibility of the repayment terms and the fairness of the system as a whole.

The consequences of student loans are hard to ignore, however, especially with reports now suggesting that the notion of adults living at home with their parents will become the norm by the year 2025. More specifically, nearly one-third of graduates aged under 35 will find themselves living back at home within the next decade, as the rising cost of property and the burden of student debt makes the cost of independence too much to bear.

Can Graduates avoid the student loan trap?

With an estimated 3.8 million 20 to 34-year olds likely to be living with their parents after graduation, there is clearly an issue that needs to be addressed. The question that remains is who should shoulder the burden of negating the impact that student loans place on individuals once they enter the world of work?

While some may place the responsibility elsewhere, there is reason to believe that students themselves should take steps to take control of their financial destiny and negate the consequences of costly tuition.

So how can today’s generation of cash-poor students achieve this lofty aim? Consider the following ideas: –

Budget, plan and embrace the concept of mind-mapping

While this may sound obvious, the pressures of studying and the rigours of campus life can make it difficult to consider complexities such as finance. This is crucial if you are to minimise the impact of student borrowing, however, as budgeting can help you to save as much of your money as possible and make future repayment easier.

If you are new to budgeting, however, you may want to consider a technique known as mind-mapping. This is widely used in modern business, as is essentially a visual representation of your thoughts and decision-making process. By highlighting the triggers for impulse buys and recording your spending decisions on paper, you can begin to see where money can be saved and change your behaviour as a consumer.

Alongside accurate data concerning incomings and outgoings, this can help you to budget your income and optimise its impact.

RelatedPosts

Make a Living with Forex in 2021

Short selling – be in the know

How to Stay Warm over Winter Without Spending a Fortune

The prognosis for Bitcoin in 2021

Load More

Consider short-term Borrowing where appropriate

Occasionally, you may need to take on a manageable, short-term debt in order to cope with larger, long-term liabilities that are accumulating interest. While this should be done with caution, if used responsibly then short-term lending can deliver financial relief and help you to regain control of your income.

There are two key stages to achieving this. The first is to understand the nature of short-term lending, which is unsecured and generally subject to a slightly higher level of interest than normal alternatives. It must also be repaid within a fixed time to avoid charges, so it is usually best served when clearing unexpected, one-off bills rather than supplementing an existing lifestyle.

The next step is to identify a provider, with some such as Smart-Pig standing out. This was the first short-term lender to be verified by the FCA in the UK, which in turn means that it offers peace of mind and a viable solution to customers.

Consider selling a marketable skill or product

Not only there an estimated 1.4 million freelancers in the UK, but many of these have sought to embellish their earnings by securing an additional source of income. This is something that may appeal to students with an entrepreneurial or aspirational bent, while it also has the potential to boost your savings potential over time.

While studying must remain the primary focus for students, those who are proactive, determined and organised can at least create some time to invest in lucrative activities. Whether this revolves around the initiation of a part-time venture, marketing a core skill on the freelance market or investing in passive income streams (such as financial market investment), the key is to participate in carefully selected and structured activities that deliver a return.

Just be sure to make your decision wisely, while research specific markets to determine whether there is a viable demand or opportunity to generate income.

Previous Post

How Innovation continues to drive the global Travel sector

Next Post

How to Keep Business Travel Expenditure Under Control

Related Posts

Make a Living with Forex in 2021
Finance

Make a Living with Forex in 2021

18/01/2021
Short selling – be in the know
Finance

Short selling – be in the know

18/01/2021
How to Stay Warm over Winter Without Spending a Fortune
Finance

How to Stay Warm over Winter Without Spending a Fortune

18/01/2021
Next Post
How to Keep Business Travel Expenditure Under Control

How to Keep Business Travel Expenditure Under Control

Creating Safer Roads

Creating Safer Roads: How we can follow the example of Newton Council

How is the Insurance Industry changing in line with Technology?

How is the Insurance Industry changing in line with Technology?

Latest News

Tips to Choosing the Right Internet Plan for Your Business

Tips to Choosing the Right Internet Plan for Your Business

21/01/2021
Do I Have To Take A Test To Go Back To Office

Do I Have To Take A Test To Go Back To Office

17/01/2021
Dry Eyes: The Ultimate Guide To Dry Eye Treatment

Dry Eyes: The Ultimate Guide To Dry Eye Treatment

21/01/2021
How Secure is Your Money in Online Bingo

How Secure is Your Money in Online Bingo

21/01/2021
Top Reasons to Immigrate to Canada from the UK

Top Reasons to Immigrate to Canada from the UK

20/01/2021
Prisa Sells Its Radios In Argentina

Prisa Sells Its Radios In Argentina

17/01/2021

Social

Contact

For editorial enquiries:

editorials@abcmoney.co.uk

For advertising enquiries:

advertise@abcmoney.co.uk

Top Topics

  • News
  • Business
  • Finance
  • Property
  • Technology
  • Investment

Guides

  • Best UK Bridging Loans
  • Best UK Secured Loans
  • Best UK Commercial Mortgages
  • Best UK Business Loans
  • Best UK Payday Loans
  • Best Sites for International Money Transfers
  • Best Press Release Distribution Service

Social

  • Home
  • Authors
  • Write for us
  • Advertise
  • Contact
  • Privacy Policy
  • Terms and Conditions

© 2020 ABC Money

No Result
View All Result
  • Write for us
  • Contact
  • About Us
    • Authors
  • News Desk
    • Business
    • Finance
    • Property
    • Technology
    • Investment

© 2020 ABC Money

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.