The financial help for students from the government is lacking and many are
struggling to pay their bills, one platform says.
Save the Student says there are several challenges when it comes to
managing money while at university and this is made worse by the current
cost of living crisis.
They say that maintenance loans account for more than half of the average
student’s living costs every month.
Their National Student Money Survey shows that students are struggling, and
the government needs to step in and offer more financial and support
packages.
Living costs since 2021 have risen by 14%
Among their findings, the platform says living costs since 2021 have risen
by 14%.
That means that the average student is now forking out £924 every month,
while students in London are spending £1,089.
The maintenance loan falls short by £439 every month – last year the gap
was £340.
Researchers also found that one in 10 students admitted to using a food
bank in the past year, and 82% of students worry about how they will make
ends meet.
The stress and anxiety mean that four out of five students have considered
dropping out of university – and 52% say their money worries have led them
to consider this.
Financial situation that students are currently facing
The platform’s Jake Butler said the survey’s latest result is the most
worried he’s ever been about the financial situation that students are
currently facing.
He added: “This year’s findings are bleak and much worse is yet to come.
“The £439 monthly shortfall between real living costs and student loans is
particularly alarming with students struggling to bridge this gap.”
The managing director of Accommodation for Students, Simon Thompson, said:
“There’s no doubt that students are increasingly struggling financially,
and student landlords have been very helpful in recent years when students
tell them they are under pressure to meet the rent, for example.
“Lots of students have to work part-time to pay for their studies and
there’s a good argument for increasing the maintenance loan for students to
make things easier so they can focus on graduating.”
How different student cities are being affected
The current student accommodation crisis in Edinburgh has been highlighted
with news that one student has been
scammed by a fake landlord
out of £1,000. International student Liza Leblanc is now warning others
about the housing crisis and after she began searching Facebook groups to
find somewhere to live after realising how competitive the student rental
market is. The Canadian posted that she was looking for a flat and
exchanged emails with a potential landlord. She and a friend sent a total
£2,100 – but when they turned up to view the flat, the landlord had
disappeared. A report from Citylets also highlights that
the average cost of accommodation in Edinburgh is now more than £800 per
month which accounts for 92% of the Scottish student loan of £7750.
A survey from Homesearch reveals that the
cheapest areas for students
to live in are the University of Aberdeen and Durham University. There,
students pay £712 per month and £806 per month respectively. Exeter,
Leicester Liverpool are also very cheap for students. The most expensive
destinations for students are Imperial College London at £6,980 per month –
thanks to the cost of renting houses in South Kensington, followed by the
University of Edinburgh at £2,466. Next is the University of Cambridge
which costs students £2,033 per month, followed by the University of Sussex
at £1,801.
Exeter needs to provide more
purpose-built homes for students
with the council leader preferring this accommodation type to living in
private homes. He says that in 2017, a decision was made to ensure that 70%
of students in Exeter were living in purpose-built accommodation and the
local plan aims to encourage co-living accommodation. The council leader,
Coun Phil Bialyk also says that he would like to see more graduates remain
in Exeter after completing their studies – the current figure is just 17%
of graduates will continue living there.
The University of Bolton has approved a rent-a-room scheme that could see
locals earning £7,000 by
taking in a student lodger
. The move is to address the increase in student numbers and the
cost-of-living crisis this year. A government initiative enables someone
taking in a lodger to earn up to £7,500 tax-free. The university says there
has been a threefold increase in postgraduate and international students
this year and there is a desperate need for accommodation.
