Pad Day Loans

Student who use student loans and payment days to finance schooling.

In order to better grasp the British students' personal finances, we launched a questionnaire. Unsurprisingly, almost a third of the student population used bank loans, student loans and student loans to pay for their stay at the school. This can be very harmful for college graduates, as interest can be high, especially if they are not able to pay their debts in the near future.

Yougov conducted this poll. The NIS reports that student financing gaps exceed 7,600 per year on a year basis when taking into account their cost of Living in addition to student dues. Undoubtedly, our poll confirmed that up to 70% of college graduates admit that they do not believe that their state loans are sufficient to meet all their college spending - perhaps because of their dependence on more risky financing such as bank credits.

It is worrying that almost a fourth of the college and college leavers with whom we have spoken (24%) do not even consider payment days, loans and overdraft facilities as a form of indebtedness. When it comes to our comprehension of finances, we have found that there is a huge lack of information. Though 63% of respondents said they were financially strong, 40% said they did not know what APR was.

And we talked to the students' families. The results of our surveys suggest that more should be done by mothers and fathers to give their offspring a good example when it comes to finances. While 81% of respondents believe that they are skilled in educating their child finance, only 39% of pupils consider their parent their most important source of income.

"It is alarming that a significant number of college graduates depend on loans and advances and overdrafts without even considering them as debts. Usually these commodities are not designed for student or higher learning lifecycles, and we want to urge them to explore all the available funding opportunities before deciding what type of loans they need to help them through their college years.

"For many pupils, attending university is the first chance they have to get on their own finances. It is the responsibility of a school, university or parent to help pupils and raise their level of schooling. Request your free lending offer on-line - it will not impact your credibility.