Money worries affect students’ mental health, relationships and results, according to the annual Student Money Survey – so what you can do to make sure stressing about money doesn’t take over your university experience?
Help with money
Help with mental health
84% of students said that they worry about having enough money to live on, and 50% said that they had experienced mental health issues because of money. While the best solution would be to get rid of money worries altogether, that’s not always possible – but there is lots of support available at university if your worries are getting on top of you, from confidential counselling to completely anonymous phone lines. Find out more about support for your mental an emotional wellbeing.
Help with your course
Paying your student loan
Three in five students say that they are worried about repaying their student loan – but for most students, this shouldn’t be a worry. Student loan repayments are based on how much you earn, not how much you owe, and they are normally taken from your salary before you get paid, so you’ll never be stuck with a bill for your loan repayments and no way to pay it. If you don’t earn enough to repay your loan, whatever is left after 30 years will be cancelled
However, your loan will affect how much money you take home from your pay each month: you’ll lose 9% of everything you earn above £21,000 a year until you have repaid the loan. So if you get a job that pays £22,000 a year, you’ll pay £90 of that towards your student loan – or £7.50 a month.