Sunday, August 22, 2010

Any advice for a uni student problem?

hi!





i start uni next week and im looking for a new account. everyone says that a large 0% overdraft is important but this confuses me as i thought it was bad to go overdrawn. wouldnt this be getting people further and further into debt? so why is it recommended to get an overdraft? the only reason i can think of is that students cant handle their money and have to borrow eventually, is that it?





thx!Any advice for a uni student problem?
I would strongly advise getting a large 0% overdraft unless mummy and daddy will be paying for everything. For a start you won't get your loan for about 2-3 weeks after you start but you will have a ton of books to buy, travel arrangements and not to mention food and rent. Then you will get your loan in two further instalments. Landlords don't really care if your loan gets paid late and most want rent paid per term. It won't help you if you have an 拢800 rent bill to pay one week before your loan comes out (seriously they don't care if your loan isn't in, they want paying).





Get an overdraft as a safety net, you don't have to spend it but it may come in useful. I have a 拢1000 overdraft, because I work and don't need it I have drawn out the full 拢1000 and put it in a high interest savings account. I'm getting 拢50 a year for not being dumb with my money. The biggest problem with most students is they've come straight from living at home with no responsibility and stupid parents that pay for everything no questions asked.


I would advise you go with NatWest, up to 拢1500 0% overdraft and a free 5 year student rail card.Any advice for a uni student problem?
Going to uni is expensive and your student loan will not cover everything. It is possible to work whilst your at uni but when you get into your third year you have very little spare time for making extra cash. pretty much all banks will offer a student overdraft, this is interest free till you finish uni, and some banks dont add interest till a year after you finished your course. You never know if you will need any extra cash and it is free so i would go for it. Some people use it, some dont
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