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?
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Two thirds of students say that their student loan isn’t enough to live on, with most turning to their parents, a part-time job or their overdraft to make up the difference. The problem is worse for the one in five who don’t keep track of their spending: building a budget puts you back in control of your cash and makes it much easier to cope when money is tight.
But a budget can’t solve everything. If you find yourself struggling to get by at university, there is support available, including emergency funding. Find out what to do if you run out of money.
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.
Whether it’s because of worry or because your job eats into your study time, money trouble can affect your studies, too. 34% of students said that their money worries were affecting their grades. If you’re struggling with your course for any reason, your tutor or adviser can help you come up with a plan to get you back on track.
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.