People need to make an informed choice about student loans


People in the UK hoping to complete a degree need to make an informed choice when it comes to their student loan.

This is according to Michelle Highman, chief executive officer at Credit Action, who urged would-be scholars to learn more about the details of student finance, such as interest rates, prior to selecting a loan.

Ms Highman described a degree as a fantastic investment that can pay for itself in terms of greater opportunities and improved earnings.

“There are arguments that you’ll never pay back your student loan. The chances are that, because of your higher graduate salary, you will,” she added.

The expert’s comments come as new research from Credit Action revealed students from England received lower maintenance grants than university goers from elsewhere in the UK.

It was also announced that Credit Action’s updated Student Moneymanual 2013 – which has been produced with funding from Santander and is distributed to university applicants by the Universities and College Admissions Service – is to be available from January next year, both online and in print.