Students told to find the best loans

Mon, 02 Jul 2007

University-goers should shop around to make sure they get the best deal on student loans, one industry expert has claimed.

Frances Walker, a spokesperson for the Consumer Credit Counselling Service, said that the entitlement for the student loan company is a good starting point, as it offers the cheapest option.

Additionally, the expert noted that these loans are often better than personal loans available from other providers, as they require low interest rates and only need to be paid off once the individual is earning a set amount of money.

"Most of the banks do offer quite generous [deals], like interest-free overdrafts or whatever for students," said the spokesperson.

"So [students] need to look into that; it's quite easy to look at [price comparison sites] and compare the best deals out there," she added.

However, Ms Walker also urged students to be wary of credit cards, as they could be an expensive form of borrowing.

This September will see a great many students heading to university for the first time, while others will be returning for another year's study.


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