Being in debt is a fact of life for many people today. However, if your debts are starting to worry you, or if you are struggling to make repayments, then these are signs that its time to take action. There is always something than can be done to improve the situation. If you are worried about student loan debt, then specific information is given about this below. The most important thing to do if you feel that your debts are becoming a problem is to get advice. Details of where you can go for help follow. There are a few golden rules that you should also consider:

• Don't bury your head in the sand. Debt problems will not go away if you try and ignore them. Take action.
• Communicate. Talk to the creditors that you owe money to and explain your situation.
• Prioritise. Identify which debts are high priority and need to be dealt with first. You should get advice about this.
• Maximise your income. Make sure you're getting all the money that you are entitled to.
• Budget. Draw up a list of your income and expenditure and work out where you can cut back spending.

If you are struggling to pay your debts then it is probably a good idea to try and negotiate with your creditors to reduce your monthly payments. This process can affect your credit rating and there is an established procedure which should be followed. You should get advice before embarking on this course of action.

The Student Support Office offers advice about debts, and can help you draw up a budget, prioritise your debts and negotiate with the people that you owe money too. Contact the Student Support Office to make an appointment.

Other organisations that can help with debt problems are your local Citizens Advice Bureau, National Debtline or the Consumer Credit Counselling Service. You should be very wary about other companies that offer to solve your debt problems; you are better off sticking to these trusted organisations.

Student loans are a debt, but should not be thought of in the same way as other forms of borrowing, such as credit cards or bank loans. You do not have to repay student loans if your income is below £15,000 per year (or £25,287 if you started your undergraduate course before 1998), and the interest is a lot lower than commercial rates. The rate of interest on the loan is linked to inflation which means that you actually pay back roughly the same amount as you initially borrowed in real terms.

Student loans therefore are a debt, but one which is likely to cause a lot less problems in repaying than other forms of borrowing. The important thing is to keep in touch with the Student Loan Company to arrange deferring repayments.