In this assignment I will be consulting a university student's Budget schedule I will be offering the student advice on how to solve
Unit 14 Budgeting Fatih Gaygusuz 13.1
A University Student Budget Sheet
In this assignment I will be consulting a university student’s Budget schedule I will be offering the student advice on how to solve problems when in dept by offering an student loan, grants etc. I will be referring to the budget schedule to what areas the student can cut sort on to cover the other costs mostly needed to be covered.
Referring to the university students budget schedule the student is in a shortfall of £110 the reason he may be in a deficit is because he may have spent too much money on personal use knowing he had debts to pay off.
Referred to the Budget schedule and identified the deficit of the student’s monthly budget. Knowing that a university student is always under stress in all matters including in financial terms to cover the monthly overdraft the student can take a student loan from any high street bank. I will be offering the bank ...
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Referring to the university students budget schedule the student is in a shortfall of £110 the reason he may be in a deficit is because he may have spent too much money on personal use knowing he had debts to pay off.
Referred to the Budget schedule and identified the deficit of the student’s monthly budget. Knowing that a university student is always under stress in all matters including in financial terms to cover the monthly overdraft the student can take a student loan from any high street bank. I will be offering the bank which is mostly recommended by most students in University’s and reason for choosing the selected bank.
Knowing that all students these days have tough days in the matter of financial terms I will need to find a suitable bank for them to provide a student loan with a low interest rate and anything which benefit the student. Having investigated the bank institutions the best service provider for students is far from best ‘HSBC’ the reason being is because let alone providing the loan to the student they give free packages which includes driving lessons with UK’s best driving agency ‘BSM’ and they even give free MP3 players which has a high demand from students.
The benefits when applying for student loan from HSBC bank:
- The payment is not requested from students till, the students income is more than £15,000 a year.
- Students won’t have worry about the interest rate it is quite low so they will be able to take as long as they want to pay the loan back.
- Another good thing is that they get free driven lessons form the best driven agency in the UK, from the British School of Motoring.
- MP3 players are given to when applied for a student loan.
To cut the deficit and approach an surplus the student can cut on personal expenses for example less socialising events, purchase less clothing an can cut the cable TV. Cutting all these unnecessary items will gain the students a lot of capital and wont drop into a rough time frequently. Having investigated the bank institutions HSBC is most convenient bank for students applying for a loan because other banks will put to much weight on students because the interest rates are either to high or conditions are different.
The are many financial services available for students studying, these services are provided by most high street banks e.g. HSBC, Barclays, Natwest, Abbey etc. the most suitable financial service provider for studying students is far from best HSBC the reason being is that let alone them providing the service they offer advice as well.
The financial services available for a studying student are:
- Student Loans: referring to the budget schedule this will be my strongest recommendation for the student to use the service, the reason for this service to be my strongest recommendation is because the student won’t have to pay back the loan till he/she earns more than £15,000 a year which is advantage for the student.
- Overdraft facility: an overdraft is a common use of financial services by students when needed. My recommendation is that the student should not use this service that often otherwise they will have to pay interest which a disadvantage for them.
- Credit card (9 months free APR%): this service is one of my recommendations to the student the reason for this choice is because a card with 9 months free APR (interest free) the student wont have to pay back for a long time.
Knowing that these services are beneficial in most occasions, there are times which occur meaning there are risks and drawbacks towards these services.
The risks and drawbacks the services may bring up, is many different errors, these are as follows:
The overdraft is a service which is always used by a student when in a rough time, and sometimes they wouldn’t pay it back when demanded by the service provider. This is when the drawbacks occur when the procedures are not followed properly by the student; this is the drawback which may occur.
- The student will have to pay and extra fee (interest), the fee varies according to the Interest rate the service provider sets. The fee will keep on increasing until the overdraft is paid by the student.