Student Loans - Means Testing

[taffinnorfol]

A big chunk of the student loan (25%) is means tested. A 19 year old family friend has been abandoned by his separated parents and he lives with his sister. He needs full funding to take up his place at university but has been told that, as his parents earn more than �25,000 p.a. (even tho they live in other parts of the country and do not maintain him!) his loan will be severely reduced. This means he can't afford to go to university!
HELP! has anyone got any ideas?

[arpitsinha]

Student debt can restrict your options for many years.

The millennial generation has the unfortunate distinction of being among the most indebted students in history. A study found that consumers aged 34 and under owe over $620 billion in student loan debts as of mid-2019. This is a shame considering many college students lack financial knowledge and take out more than they can afford. It is important to make sure your loan payments are in line with your actual expenses.

Although it is often necessary for students in order to cover the entire cost of education, it is important that you carefully consider how you will use the money. Poor management of money can have a major impact on your life. These are just ten ways that student loan debt can adversely affect your life.

You can also go through this journal article on statics on students loan here. Link: https://typeset.io/papers/student-loan-statistics-1p21z8r01q?source=answerbank-students-loan-means-testing