Student Loans increased by 10% in the last year

NEW DATA from the student loans company shows that full time maintenance loans have increased by £5,590 to £6,150 in the last year.

Student Loans are on the rise

Students Loans are something that many students feel causes them unnccesary stress, and sometimes prevents them from choosing to go to university.

The new data released has shown that the total amount of money paid out across both full time, part time and postgraduate studies has reached £17.1 billion, which is a 3.1% increase on year.

The number of students has also rose year on year, with an increase from 1.33 million (2017/18) to 1.34 million (2018/19).

The increase in the number of students explains why the amount of money on average has increased, with students getting about the same or slightly more than the year before with their maintenance loan.

Student Finance England say that student maintenance loans is “funding to help with day-to-day costs, such as rent or food, while studying”.

Pressure

Some students feel they don’t have the right amount of loan, and complain that there is a large amount of pressure put on both the student and the parents.

In some situations parents will have to make up the difference for their child if the maintenance loan doesn’t provide enough for them.

This data comes at a time where mental health and financial guidance are a priority at universities across the UK, with many students facing the problems of not having enough money to fund their lifestyle.

The Newcastle Students’ Union website has a variety of services to help people who are struggling financially or with other issues such as mental health.

Newcastle University have a variety of services available

Newcastle University Students’ Union Welfare and Equality Officer Sara Elkhawad spoke to us about university life and financial support.

“University can be a really difficult time for many students, who for the first time have to be financially independent and have multiple financial commitments.”

Many students feel obliged to get a part-time job alongside their studies in order to be able to keep up with course costs, pay domestic costs and have a social life”

“At NUSU, we also have a confidential, independent Student Advice Centre and can provide financial advice separate from the University.”

Student debt is a real issue for students choosing to go to university, with recent figures stating that the average debt for students after finishing their course is at £36,000.

Some students struggle to live the lifestyle that university promotes, with one student from Bristol recently stating that he had to rely on a food bank.

The popular student website ‘Save the Student’ found that 61% of students thought that the maintenance loan was not enough, and 78% of students worry about ‘making ends meet’.

For more information on student loans, visit the student loans company website here.

For help with managing money or for anyone seeking financial advice contact the Student Advice Centre.

Below we give our Top 5 Tips for living student life on a budget:

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