I’m a student: Get me out of debt! :: Wessex Scene Online

I’m a student: Get me out of debt!

1st February 2005
Rebecca Twomey

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Tom Weaver, a recent Southampton graduate has used his experiences as a student here to write an e-book on how to conquer student debt. The book entitled The Student Finance Vigilante addresses how to rid yourself of the Ł14 billion debt that students as a collective have gotten into.

Weaver understands the reasons for this astronomical figure mentioning the accessibility of credit, the absence of grants, student loan systems, tuition fees and the rising costs of student accommodation as contributing factors. He believes that escaping debt comes down to knowledge and effort: if you are not educated in managing your finances, are you prepared to educate yourself?

Weaver lays the facts bare, citing a recent survey that found that students believed that they would be free from all of their student debts by the age of 28. In reality, having considered the effects of compound interest (interest on your interest over time) it was found that it would take a further 3 further three years to be at ground zero, and the average graduate will be 31.

His advice constitutes several stages, most notably to be aware of what you are spending every month and plan a budget in advance. Weaver encourages the reader to resist temptation and take the bus instead of the taxi. When introducing these new financial habits, Weaver remains realistic, saying that "it is better to take it easy and build up." He believes it is too easy to ignore the consequences when they are apparently distant. He advises students to take the advice of thousands of graduates and learn to manage their finances now.

The Student Finance Vigilante can be purchased at www.student financevigilante.co.uk It is priced at Ł10, but readers of Wessex Scene can get 20% off using the discount code SFVSOTONWS