Life stages > Students > Survive your loan > Know what it's costing you

Know what it's costing you

You wouldn’t buy a car or anything else without knowing the price tag, so keep in touch with what your student loan is costing you each time you borrow. It will mean you stay in control. If you don’t, it could end up controlling you.

Use our student loan calculator to work out what your loan will cost you to repay in both time and interest (remember you may have to pay interest on your loan if you are overseas for more than 184 or more consecutive days (around 6 months).

How to reduce your borrowings

If you're keen to minimise your debt, then use your student loan for fees and course-related costs only. Try and cover your living expenses from your savings, from a part-time job, or if possible by living at home.

Glossary: interest
Money paid in return for the use of money. If the bank is using your money (in a savings account) they pay you interest. If you are using the bank's money (via a loan), you pay the bank money.
Glossary: debt
Debt is what you owe - it comes in many forms, including mortgages, personal loans, credit card balances, hire purchase agreements, loans from family.
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