If you are thinking about going to college, there is a good chance that you are also thinking about getting a student loan to pay for college. Student loans don't have to mean student debt, and if you plan your finances well, you can get by without them and maybe even make money from them. There are many websites on the internet that offer downloadable guides on how to manage your money as a student and online advice on how to do this best. Moneynet has a complete guide to student finances, and support4learning's money section is also a popular online resource.
The first thing you can do to avoid being financially dependent on student loans is to think about taking a gap year to get work experience and make money. This is a great way to start saving for college, and it will give you money for rent and bills so you don't have to use your student loan.
In terms of managing your personal finances, you could open a notice savings account and invest the money you made during your gap year. You could do this along with a student loan, and the total amount would earn interest. However, you would have to be disciplined enough to only spend money from your savings and not from your loan.
If you're sure you can fit it into your schedule, you might think about getting a part-time job to help pay for your studies. You could use the money you make to cover most of your expenses and leave your savings alone. There may be times when you need to take money out of your savings account, but the longer you leave your money there, the more money you will make.
If you want to make sure you get the most interest on your loan, you could try doing an online search to compare savings. You can compare different accounts on sites like moneynet.co.uk and reviewcentre.com (http://www.reviewcentre.com/products2312.html).
If you stay on top of your money, you'll probably be in a good position to pay off your loans when you graduate. You might also want to compare prices for insurance and checking accounts while you're in school to make sure you're getting the best deals. Don't be fooled by promotions on the high street for freshers' fairs. Instead, get as much information as you can so you can make a smart financial decision. It's also a good idea to set up online accounts that you can manage with a tool that brings together accounts. Account aggregation lets you manage your money online, which can save you time, gas, and fees from the bank. If you want to learn more about account aggregation, you can find a full guide on the Channel 4 website. (http://www.channel4.com/4money/banking/features/account aggregation 161204.Html)
