Pushpa Wood, director of the financial education and research centre at Massey University gives advice on getting a student loan.
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Talk to careers advisers and family before deciding which course to do.
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Consider how you can repay debt before you decide how much to take.
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Accept you might have to make sacrifices to borrow less.
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Consider getting a part-time job while studying to help with costs.
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Work out a budget and stick to it – find out how much you need to earn if you are flatting.
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Look at whether you could pay an extra $10 or $15 a fortnight to pay it off faster.
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Or, keep paying the minimum and put savings into another account and at the end of the year see if you can pay a lump sum.
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If you are doing a qualification simply for pleasure, try to pay for it out of the money you have rather than borrowing.
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Borrow for your needs not for your wants.
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Be careful in the study you choose and the reasons you are choosing that course.
Source: The New Zealand Herald
