Many students are leaving University with debts as high as £30,000, which at first glance appears grossly excessive. However, consider the fact they are away from home and rent will have to be paid. Recent statistic shows that living expenses will be in the region of £8,000.00 per year, add in your fees and that’s all the money gone.

Students can try to lessen the strain by taking on part time work and working in the holidays but this too has its drawbacks. They are at University to study and this should take priority.

So what can you do to sort out your debts as soon as possible? Your Student Loan should be the least of your worries as these have extremely low interest rates. Remember also they will only be deducted from your salary once you start to earn £16,000.00 or more. Click here to see how much approximately your loan payments will be per week.

Use the Income and Expenditure Calculator to work out your expenses each month to help with the following list.

• Prioritise your debts - highest interest first.
• Make the minimum payments on your other debts.
• Use any surplus cash you have to pay off the highest interest debts faster.
• Reduce your overdraft on a monthly basis - even if its only £20.00 per month it will all help.