A STUDENT in debt is trying to clear his overdraft by starting a website to help others manage their cash.

Simon Dance, 22, started Clearstudentdebt.co.uk last month as he faced nearly £12,000 of debt — and is now getting his creditor banks to help pay off his overdraft.

In its advice on debt, the website has logos and weblinks to different banks and financial institutions offering to help. Dance is paid for each website visit and reaps rewards of about £10 a time when a student signs up to a product, such as a credit card.

Dance, from Brighton, is about to enter his fourth year studying travel and tourism at the University of Northumbria in Newcastle.

“I got myself into a bit of a mess last year as big hits like rent and bills all came in at once. I tried working part time in a shoe shop but my grades started suffering,” he said. “It got pretty stressful so I started researching to find a way of dealing with it all. Then I realised how few people knew about the information, so I started planning the site.”

It is being launched amid mounting concern that student debt outstrips the value of a degree. The National Union of Students forecasts that students this autumn will graduate with average £20,000 debts.

University applications have fallen 5% for the start of the coming academic year largely because of the introduction of £3,000 annual tuition fees, up from £1,175 last year.

Dance set up his website using money he earned during a work placement. His flatmate helped to design it while another friend helped him to find the commercial deals that made the website profitable.

“My friend was working at a company that manages affiliate networks, which supplied the links to the banks that you click on,” said Dance.

“It will help me clear my debts and also occupy my time while I can’t afford to go out. But I hope it will also help others, especially those who are being put off coming to university.”

Research shows that almost half of all students have a part-time job, working an average of 15 to 16 hours a week to help pay their bills.

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