Students have to deal with many financial burdens when attending university. Not only are there expensive tuition fees involved, the cost of living must be considered. This will often include the price of student accommodation. Currently, the cost of shared housing is high enough to leave students experiencing significant stress and anxiety.
Maintenance Loans Aren’t Enough
The average price of rent for student accommodation totals £131 per week. This takes up most of a typical maintenance loan, before letting fees and a deposit are considered. A maintenance loan is supposed to cover living costs, yet students are typically left with only £8 per week to live on after their rent has been paid.
As a result, many students obtain jobs during their studies. This only increases their stress levels because they can’t dedicate all their time to demanding university courses. Students may also rely on their parents for support, but there isn’t always that guarantee. Additionally, students who receive parental support often cite strong feelings of guilt when they do this and are consciously aware of their parents’ efforts.
Ways Students Try to Save Money
A government review of university funding is set to take place later this year. In response, students are urging that much of the review’s focus should be on making maintenance loans fairer.
Until any change is made, students have been trying to save money through various means. Many have opted to live at home, which still isn’t an easy option. Students living at home face missing out on social activities. The main burden faced when living at home involves long commutes to attend lectures each weeks. Nevertheless, when there are students who are in financial trouble after their first month of university, it’s easy to see why some choose to move back home.
Some students have chosen to stay in their halls of residence past their first year. Usually, students will move into a shared house for their second and third years of study. Some are choosing to stay because it costs less than renting a house or flat, even with a large group of people.
Not Value for Money
For students who do choose to share a house, most often feel that they aren’t receiving value for money. For example, some will find that they are paying a substantial amount of money for a small, single room when for the same price further away, they could have a larger, double room. Student housing is often known for being in questionable condition, with many students not happy with their surroundings compared to the price they pay.