Debt help for the huge financial burden of student loan debt
Student loan debt in the UK today tops £100bn – with the average amount owed standing at £32,220. Given this level of debt, more graduates are seeking debt help than ever before.
Student debt involves a loan that is taken out to cover the costs of full-time education. This may be used to pay tuition fees, accommodation and living expenses.
So-called ‘old style loans’ are those that apply to courses that began prior to 1998. In this instance, you’ll deal with Erudio Student Loans, Honours Student Loans or Thesis Servicing.
‘New style loans’ apply to courses that began after 1998 (this type of loan is also called an income-contingent loan). With ‘new style loans’ the repayments are deducted directly from source (e.g. your wages or along with your self-assessment income tax payment if you’re self-employed).
Worried about debts that won't go away?
Debt help tips for tackling student loan debt:
- Start by confronting how much you owe and regularly log into your account to stay up to date with your balance.
- Create a budget to understand your financial circumstances, and your income and outgoings.
- If you’re struggling to repay your student loan, seek debt help from an agency experienced with this form of debt.