How Students in the UK & USA Can Manage Loans and Save Money
Having an education overseas is thrilling, but financing as an overseas student in the UK or USA can be intimidating. With student fees, rent, and daily living costs, many students are searching for savvy means to borrow, save efficiently, and secure their future.
Student Loans – How to Apply
UK: Applicants typically take out a loan with the Student Loans Company (SLC). They pay tuition fees and can have maintenance loans to cover living expenses. It only repays after graduation and after you have a high enough income.
USA: Federal student loans can be obtained using the FAFSA form (Free Application for Federal Student Aid). Private lenders can also be sought, but federal loans are generally safer with lower interest rates.
Smart Saving Tips for Students
Use Student Discounts – The majority of stores, transport agencies, and websites provide student discounts. Always have your student ID or download apps like UNiDAYS.
Cook at Home – Preparing meals at home saves a big chunk compared to eating out daily.
Choose Public Transport – Instead of taxis or owning a car, use student bus/rail passes.
Buy Used Books & Materials – Second-hand books or digital copies can cut costs by 50% or more.
Track Your Expenses – Use budgeting apps to see where your money goes each month.
Should Students Use Credit Cards & Bank Accounts?
Bank Account: Yes. Opening a student bank account is a must. Most UK & US banks provide student accounts with minimal fees, free overdraft facilities, or special deals.
Credit Card: Be careful. A credit card is good for establishing credit history (helpful for renting homes or future loans), but it must be used sensibly. Always clear the balance on time to prevent excessive interest.
Final Thoughts
Borrowing loans while a student is universal in both the USA and UK, but the trick is to borrow smart, save smart, and steer clear of unwanted debt. Smart borrowing and smart saving in balance provide financial steadiness throughout your education.