Build the full picture first
Before deciding what to borrow, list everything for the whole period of study, not one term: tuition, registration, accommodation, transport, equipment, books, software, exam fees, and living costs. The total is almost always larger than the tuition figure that anchored your thinking.
Split it into three
- Fixed and unavoidable — tuition, registration, exam fees.
- Necessary but variable — rent, transport, food.
- Flexible — equipment that could be bought second-hand or later.
Borrow for the first group with confidence, the second with a buffer, and the third only if there is no alternative.
Time the borrowing to the need
Interest usually runs from the moment funds are drawn. Taking the full amount up front for costs that arrive in year two means paying interest on money that is sitting still.
Check what you already have access to
Grants, bursaries, employer support and institutional hardship funds do not need repaying. They are worth the effort of applying for before any borrowing is arranged.
Plan the repayment now
Work out what the monthly payment will be against a realistic starting salary in your field, not an optimistic one. If the number looks uncomfortable at that level, a longer term or a smaller amount is the adjustment to make while you still have the choice.
Compare products and see your repayment before you commit.
