Monday, September 18, 2006
Category:
Personal Finance Tips
The latest comment from IFA Promotion on students starting university this year suggests that finance will be the last thing on their minds.
Students are warned that they might walk away from university with large debts as well as their degrees. However some careful calculating could be the key to graduating with minimal debt. Students will be glad to receive IFA Promotion’s free fact sheet which outlines how best to prepare funding the best years of their lives. Advice given includes details of university costs and advice on part-time work, getting the best insurance, borrowing and credit deals, investment and savings options and last but not least; how to deal with debt during and after university.
Research from IFA Promotion highlights the fact that budgeting is the last thing on many students’ minds, with 80% admitting they don’t keep track of what they have. The increasing costs of tuition fees and ever rising cost of university indicates that many students and their parents could benefit from professional financial planning advice.
David Elms, Chief Executive of IFA Promotion, commented; ‘There are a lot more exciting things to do at university than sit down and work out a financial budget, but it can make such a huge difference to your post-graduation life, which seems so far away in Fresher’s week! Parents can help by making sure they discuss finances with their children at an early stage and families concerned about funding the university years can visit an IFA who will help to assess every available option and allow them to make informed decisions.’
...........................................................................................................................
One option for graduate homeowners could be to consider a secured debt
consolidation loan to pay off multiple credit cards, personal loans and student loans thus wrapping several repayments in to one straightforward monthly repayment. Alternatively parents may want to consider a homeowner loan to help their kids on their way. Secured loans can usually be repaid over 5 to 25 years. Borrowers are reminded that repaying borrowing over a longer term will increase overall interest charges.
