Although undergraduates are entitled to a means-tested maintenance loan as part of the student finance, over half complain that these student loans are insufficient for their living expenses. The rising cost of rented accommodation across the whole of the UK plus paying for their food, utility bills, course materials, entertainment, transport, etc. stretch their loan to the limits. Therefore, it’s little surprise that many find that they can barely make it to the end of the term before they run out of cash.
In research carried out for the 2018 Save the Student Money Survey, they found that undergraduates had various sources of funding apart from their student loans. When asked where they got their money, 83% said they used their student finance package while over three-quarters of students said that they worked part-time to increase their income. Although nearly three-quarters received additional funding from their families, 1 in 3 undergraduates complained that their parents didn’t give the funding that they should according to the means-tested parental contribution.
Nearly a third of undergraduates said that they received additional funding from grants, scholarships, etc. The problem would seem to be that many students are unaware of possible sources of supplementary funding they might be entitled to and therefore, they don’t apply. Bursaries and grants can be of two types: those awarded in the students’ local area and ones given by their university for specific groups and/or areas of study.
Banks, credit card providers were popular sources of additional income when undergraduates were running short of cash. Apart from High Street financial institutions, applying to payday loans direct lenders such as www.cashfloat.co.ukis a convenient way to apply for extra cash and receive an instant decision.
As well as borrowing money, students are very ingenuous about finding alternative ways to subsidise their studies. Many undergraduates use the internet as a source of additional money. Taking part in online surveys, being paid to write reviews, selling goods on online marketplaces, starting a website and/or using social media are all innovative ways that undergraduates use to make extra money. The main advantage is that these money-earners can be done from the comfort of their own home, don’t require a large outlay of money and don’t interfere with their studies.
Many university students make use of their talents or skills to make some extra money to supplement their student loans. Some advertise their academic qualifications and take on tutoring work to help secondary school pupils with preparation for their exams while others often private lessons in sports or general fitness classes. Babysitting, dog walking and pet-sitting can seem less like a job when students are fond of children and/or animals, but are all ways of coping when money is tight. Students of an artistic nature can attend local craft fairs, advertise in the local press and/or use the internet as a showcase for their creations – whether they are paintings, ceramics or jewellery.