Press Release

MORE FINANCIAL PRESSURE ON UNIVERSITY STUDENTS IN 2010

Equifax offers budgeting advice to help students avoid graduating with unmanageable debts

London, 2nd September 2010 – As a new university year starts Equifax, the leading instant online credit information provider is urging students to keep an eye on their finances, as it's all too easy to slip into serious debt.

"According to the latest figures, students who started university last year will owe around £23,200 when they leave and this year's students may owe around £1,500 more*," says Neil Munroe, External Affairs Director for Equifax. "The economic downturn means students may not be able to rely on their parents for rescue funding if they overspend or getting a well paid job as soon as they graduate.

"In the current climate, it is more vital than ever that young people setting out on their own get to grips with managing their money. This doesn't mean staying in and eating beans on toast every night. With a little careful preparation and budgeting, students can avoid getting into financial difficulty, putting them in a better position when they graduate and live off entry level wages. Students can enjoy the parties, the social life and university experiences now, but they also need to watch their finances to secure themselves a better future and better career prospects."

Equifax's Top Tips for Finances whilst at University

Budget - Draw up a budget and continuously review it. Remember to consider tuition fess, accommodation and living costs, not forgetting books, socialising and recreation.
Bank accounts – Look for the best interest free overdraft, not the best freebies and gadgets
Financial support – Find out what you're entitled to using the student finance calculator at www.studentfinance.direct.gov.uk
Check your bank balance often. Make sure you are constantly aware of your current balance so that you can avoid over-spending.
Make the most of discounts -Take advantage of student discounts at the cinema, shops and on the train.
Money as gifts - Ask for money for birthday/Christmas presents.
Keep up to date - Avoid missing payments whilst at University as this will affect your credit report and could make obtaining credit more difficult.
Stay in digs - Staying in University accommodation for as long as possible will be cheaper.
Part-time work - Get a part-time job and work through the holidays to supplement your student loan.
Check your tax code - Make sure you are in the right tax bracket.
Use credit with care - Be cautious with credit cards. Many students end up paying thousands in interest and late payments. If you must resort to getting a credit card, view it as a resource for emergencies rather than a way of funding a night out.
Ask for help - If you're in financial difficulty, don't be afraid to ask for help. Speak to a bank's student advisor or the welfare officer at your Students' Union. Or contact the Citizens Advice Bureau, CCCS or National Debtline)
Watch out for fraud - Be vigilant against fraud. As a student you move around a lot and share halls with strangers so your personal details could be exposed. Invest in a shredder and check your credit report once a year to ensure you have not fallen victim to ID Fraud. www.equifax.co.uk

END

*Source Push.co.uk August 2010

If you're looking for expert comment for any features or programmes you are planning on student debt, finances or generally on how to cope financially during University, Neil Munroe is available.

For further press information please contact Louise Fowler, Tiffany Collins, , Cecile Stearn or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: louise@harrisonsadler.com