Tuesday, December 13, 2016

Financial Issues You Need To Consider When You Head Off To University

educational expenses
Going to university is often one of the best ways you can score the best jobs in the future. After all, you will get the training you need to ensure you are ready for your career. However, going to university can cause many financial woes for students. In fact, this article says 70% of students worry about funding issues. With a high proportion of them worrying about paying their studies, plus their monthly expenses, it can jeopardize their experience at university. Therefore, here are some financial issues you need to consider when you head off to university, so that your studies run smoothly.

How will you pay for the funding?

You might not realize that the average degree can cost the undergraduate around $19,000 a year. Therefore, you need to consider how you will afford this before you join university. You might want to look into student loans that you can pay off after you finish your degree. Or you could talk to parents about funding part of your degree. And remember to look into grants, scholarships or bursaries which could help fund your degree. You can speak to your university about this in advance so that you know whether you are eligible.

Do I need to change my bank account?

It’s also vital that you consider your bank account when you are off to university. After all, there is a good chance that you might end up facing an overdraft during your time at uni. And if you don’t have a student account, you might face huge charges if you don’t pay it back quickly. Therefore, you should get in touch with your bank and tell them that you are going to university and want to set up a student account. As we discussed before, alongside lenient fees, they are also excellent for freebies such as discount travel. Therefore, it can be helpful during your student journey.

Am I going to struggle to pay back the debts in the future?

Before you agree to pay the fees for attending university, you need to workout if you will be able to afford to pay it back in the future. Of course, you hope to get a job that will ensure you can pay it back slowly. But you need to look into the charges that will occur with your loan if you don’t manage to pay it back. In some cases, you can get your loan forgiven by the government. But if you do this, you might face student loan forgiveness tax which can be expensive. Therefore, look into all your options before you decide to go to university.

Will you be able to afford the social aspect of uni?

It’s also vital to consider how you will afford socializing during university. After all, the costs of boozy nights out can see your debts spiraling out of control. You might want to consider getting a part-time job while you are in uni. A lot of campuses have roles you can take on for some extra money. That way, you can fund your social activities which are a vital part of being a student!

And remember to research the career you are going into after your degree. You want something that will pay well so that your time at uni is worth it.

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