Student financial myths busted by the Guardian

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Student financial myths busted by the Guardian

Common student misconceptions about money have been dispelled by the Guardian.

The newspaper warned students that since September 2004, bankruptcy can no longer be used to escape the student loan.

Although graduates could pay off the debt with a conventional loan and then claim bankruptcy, Chris Turner of PricewaterhouseCoopers warned this would probably lead to assets being seized and trouble in securing credit and mortgages later.

Students should also insure their car in their own names and term-time addresses, not their parents'. Failure to do so, known as "fronting", could lead to insurers refusing to pay a claim.

They can, however, insure their possessions on their parents' home insurance.

The paper also reported recent research by NatWest showing that the greatest student expense is accommodation and warned students that they pay tax on their earnings.

One in five parents are dipping into their savings or pensions to help fund their children at university, a Norwich Union report covered by the Daily Mail has found.

More than a quarter of those polled said they worried their lifestyle would change to support their children, through measures such as remortgaging a home, working more or sacrificing holidays.

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