Students in for a "nasty surprise"
New research from Abbey has shown that students will pay £127.40 more for their groceries over the course of this year.
According to Steve Shore, Abbey Banking director, inflation is "eating into student spending power" and some were likely to have a "nasty surprise" at how much basic goods now cost.
"Students need to ensure that they're budgeting carefully in all areas, and should ensure that they have a competitive student account offering a good interest free overdraft and other benefits," he advised.
Earlier this week, Ian McLaren Thomson, a spokesperson for the Student Loans Company, told the Independent that student finance now encompasses "more than repayable loans".
New students should consider all other methods of funding that they may not need to pay back, Mr McLaren Thomson recommended.
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Mortgages - Your home may be repossessed if you do not keep up repayments on your mortgage.
Loans - Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Motor - 1The saving shown is based on the cheapest quote returned by the BeatThatQuote.com search engine compared to the renewal price provided by the customer.