Payday loans are increasingly being used by students who are short on cash. Rent payments, costs of living, money for books and other study essentials can sometimes come as a surprise mid way through the university term.
Taking a payday loan has become an option for students who have had their bursaries and other funding cut by their universities. Payday lending could be considered as a way of encouraging students not to take out student loans but to use payday loans instead. Student loans often full short of the true cost of studying.
Learning to budget
Finding part time work might be an option for many, but for some courses it seriously eats into the time available for studying and fully engaging with the course. Most universities will recommend that students take on no more than 15 or 20 hours of work per week. This is usually low paid casual work like bar work, telephone marketing and retail hours.
Payday loans are generally considered safe if you can responsibly pay back the money within the time stated. There is a worry that students could use the money to pay for un-ed non-essentials, like clothing, entertainment and holidays. Students have a reputation for being poor at handling money and having a limited understanding of financial matters.
Ask your university for financial help and advice
Most universities will have a financial advice department, so be sure to visit these advisors before taking any steps towards taking out a short or long term loan. It?s good to review your budgeting skills and see whether you?re experiencing serious financial shortfall that can?t be avoided or ply spending beyond your means.
?Average student spend on education
The average student will spend upwards of ?15,000 per year on fees and living expenses combined, so it?s really important to carefully plan for unforeseen costs as well as the expected living expenses. There can range from repair costs for broken or stolen equipment, to fines and unexpected costs associated with studying such as field trips and expensive reading material. Many universities also offer short term emergency bursaries or loans to help out struggling students, so it?s worth investigating student hardship funds as an option. Other students are too ashamed to or unable to turn to their families for extra financial support when things go wrong.
A?payday loan?is a convenient option but everyone is different and it?s important to really consider whether this may be the best option for you. Be careful of running late with repayments and spending more than you can afford in the long term.
Source: http://www.personal-finance-blog.com/2012/09/20/should-students-take-out-payday-loans/
kepler 22 b st nicholas st nicholas mindy mccready mindy mccready cliff harris cliff harris
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