Freshers will have spent their entire loan within a matter of a few weeks of arriving at university, with 93% being left out of pocket by December, a recent study has revealed.
It has also been disclosed that nearly half of the first instalment of student loans is spent by the end of Freshers’ week, according to the study conducted by vouchercloud.com.
Freshers’ week itself has been branded as expensive with accommodation, university gym membership, textbooks and food all being top purchases on the poll.
However, it seems that a quarter of the loan is spent on alcohol alone, and other non-essentials such as fancy dress outfits and takeaways are also quickly eating into a student’s pocket.
“Having no parents around to dictate how and when to spend it allows students to be wholly responsible”
The survey also exposed that 65% of respondents who said they ran out of money had to turn to family or friends for extra cash.
A second year Economics student said: “My loan slumped in then slumped out ASAP. I drank it away in Mooch and Crisis on a weekly basis”.
He added: “I suppose having no parents around to dictate how and when to spend it allows students to be wholly responsible for their expenses”.
“My loan lasted – I just bought the stuff I needed and budgeted how much I could spend per week”
The study also revealed that almost 72% of students going into their second year said that they wouldn’t spend as much as they did during their very first semester and wanted to change their reckless spending habits.
Second year Finance, Accounting and Management student James Taylor told Impact: “Yes my loan lasted, as I didn’t buy anything outlandish. I just bought the stuff I needed and budgeted how much I could spend per week”.
He added: “Many students forget that the loan is designed to last the whole of the first semester”.
Image: Got Credit via Flickr