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How NOT to Spend Your Student Loan

October 25, 2012


When you are first let loose as a student it can be hard to control your spending, maybe you go overboard on a night out or all of a sudden you want the latest phone because some guy in your halls has it. It is important to remain level headed when you are left in charge of your finances for the first time and that you are able to differentiate between the things you need and the things that are…well, just a waste of money.

Often, it is seemingly innocent and small things that end up eating into a student loan in a big way. For instance, if you stop off at Starbucks on your way into University each morning and pick up a coffee for £3, and you do that every weekday for a year you will have spent £780 on cups of coffee, frightening eh?! It is important to create a budget when you start university and make sure you stick to it. That way you know how much you have to spend each day, and ‘hidden costs’ like the odd coffee here or shop ought sandwich there won’t be a possibility and your loan will go on the things it’s intended.

student loan, university, college

Another sure-fire way to lose out big time is by getting carried away on nights out. We have all been there, you are having a good time and you want to keep the drinks’ flowing, which is fine, until you wake up the next day and realise you drank next week’s food money. :/

Often, when we are at our busiest we don’t spend much, so it goes without saying, keep yourself busy and you will save money. In fact you could even keep yourself busy by doing a little work outside of your studies. A popular way among students at the moment is to sell their skills and offer essay writing services or more commonly just offer content writing. This can be for websites, other students at university or college that feel they don’t have time to write an essay – they will pay too get someone else to do it for them. There are even 3rd party websites available that will put a student wanting their essay writing in touch with those offering to write them. Sites such as UK-Essay are growing in popularity as a result.

Obviously as this is an article about how not to spend your student loan, we are suggesting you be the one offering your services and getting paid, rather than paying for something you could easily do yourself. After all, writing someone else’s essay will help you brush up on your skills and help you out no end when it comes to preparing your own.

So there you have it, if you want to make your student loan last, watch out for hidden expenses that you don’t track, maybe find yourself some part-time work if you need it and most importantly budget so you know how much you can spend and how long you need to make your cash last.

These tips were put together by Andy from Complete Personal Finance – A great place for personal finance tips and news.


  1. Yikes! just hearing the “loans” itself is already giving me headaches. It’s good to go to school especially when you don’t have to apply for student loan because i’ve heard a lot of people who regret it after they graduated with debts, some students were pressured and on burden because they owe the state and they don’t even have or could not find a good paying job.

    1. That is the cons of that loan. But if you will take a look at its pros, maybe somehow you will say a different thing. IT always depend on how the loan will be used.

  2. I dont know that there are student loans available too. Well, if ever there will be I wont be getting one. From the word loan itself.. That’s really frightening. hahaha just don’t like it though.

    1. Hahaha. some people are afraid with the word LOAN because of its interest. But if you will use the money to get some income, then LOAN is a very good one to hear.

  3. i dont know if student loans really help. i mean, after being approved you have to think about paying it back + the huge interest rate! you’ll be more stressed out as a student since you still have to study hard, pay for the loan, and pay for the interest all at the same time.

    1. It was kinda designed in a good faith and manner in my humble opinion. The kind of student loan I know of is kinda saying that the students can pay it once they started to get a real job.

  4. Good tips to students who are extravagant! Ooh well, specifically to those who had their student loans. It’s a very good thing that there’s this student loans available when a so-called student to be are no where to run when it comes to financial. It’s great being knowledgeable. At the end of the day that’s what matters, just hoping it’s not that big interest student/s going to pay in the long run.

    1. It will take a long time for Philippines to kinda implement this kind of thing. I wish economy will become much more better though for the interest of students.

  5. i know what you mean about those trips to starbucks. they surely add up and before you know it, you’ve already spent quite a lot on money just so you can stay awake and for a coffee you can also get cheaper at convenience stores or even free at home.

    1. A day without starbucks visitation can make you to save a lot right Cherry? . I quite agree with you that coffee in convenience stores are good enough but coffee made from home is much better.

  6. Great tips. I often heard about new graduates being in serious debts with their student loans. My husband is still paying his student loan and hopefully it will be over in another year.

  7. I am glad that I didn’t have to undergo student loan when I was in college. My husband is a product of scholarship in his college years until he got his master’s. He said, college would be a difficult life for him if he didn’t earn honors in his High School days. He won’t probably go to college because he doesn’t want to have a big debt.

    1. Good for your hubby and good for you as well since you guys ended up in such a good level of life. I mean, since he finished a mAster’s course, for sure, he do have a good job or business of any kind.

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