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Swedish students in billion kronor debt

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Swedish students in billion kronor debt
12:12 CEST+02:00
Over 90,000 people who studied in Sweden are now in debt to the Swedish Enforcement Authority (Kronofogdemyndigheten), owing over 1 billion kronor ($150 million)in total, yet experts maintain that student loans remain a helpful alternative.

Ylva Yngveson, of Swedish bank Swedbank, believes that student loans are a good way to finance studying, but stressed that students must keep a close eye on their economy.

“The most expensive item is usually the home. Therefore it is important that you have a good social network,” she explained to the Dagens Nyheter newspaper (DN).

In a survey from Swedish loans body CSN last year, some two-thirds of students answered that they didn't believe their student allowance was sufficient to live off.

Last year alone, almost 350,000 people, 28 percent of all the people in student debt, were forced to pay a reminder fee for a late payment.

On top of this, 93,500 people still owed money to the Swedish Enforcement Authority by the end of the year, according to DN.

Yngveson explains that keeping a budget, sharing a house with other students, and bringing your own lunch to school can be good methods of saving money, while also avoiding unnecessary expenses such as new clothes, shoes and haircuts – if possible.

“It's a good thing to keep an eye on the economy - especially when you leave home for the first time and manage your own finances. Picking up such habits early helps in the future,” she told the paper.

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