Money-saving expert Martin Lewis has this advice for students who want to make the most of their cash at college:
*Financial companies are there to make money. Until we get to grips with that, we make the wrong decisions and they continue to profit from us.
*Loan repayments are Income Contingent-related.. that means what you repay is based on what you earn. If you don’t earn enough, you don’t pay.
*Put funds that you’ll need at the other end of term into an easy access, high-interest savings account to earn money.
*Don’t just go for the bank account offered at the Freshers Fair. Do a bit of research and go for the one with the longest-running 0% overdraft limit.
*You’ll have to work and you’ll probably have to pay tax on it. Those earning more than the personal tax allowance (just over £5,000 a year) must pay.
Visit www.moneysavingexpert.com for more info. There’s also a Student Money Saving forum where you can ask questions or share tips and advice.
Here’s where you can get Government-backed information according to where you live.
Northern Ireland: www.studentfinanceni.co.uk.
Find a useful budget planner and a salary predictor at www.scholarshipsearch.org.uk.
You’ll find lots of useful loan info at www.confusedstudent.com.