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Bang and the loan is gone!

It has been reported that the average Student Loan is gone by October 20th, with 1 in 20 students being from Nottingham Trent University.

October 20th was uncovered as the date by which most students faced an empty bank account, and the majority then turned to credit cards (75%), part-time jobs (32%) and the ‘bank of mum and dad’ (25%) to help them financially.

“17% of students also resort to selling their belongings when they run out of their student loan money” carried out the research of more than 2,700 UK university students and found that 17% of students also resort to selling their belongings when they run out of their student loan money; with clothes (25%), old mobile phones (21%), jewellery/watches (14%) and ‘games consoles’ most likely to get the boot first in exchange for some spare cash.

Students from Nottingham Trent University make the top 10 list of university students most likely to have used up all their student loan already, with nights out and clothing top splurges for all. Frugal attendees of University of Manchester are most likely to have some of their student loan left.

“Over 80% of students spend their loan on nights out”

As for where the money was spent, students in the red will be all dressed up with no place to go, having mainly splashed the cash on nights out, and clothes.

Nights out – 87%
Clothes – 74%
Food – 59%
Alcohol (drinking at home) – 55%
Technology – 31%

As this article shows, the cost of university can be overwhelming for students at times, having to result in selling personal belongings to keep afloat. Cassie O’Boyle, SU Education Officer, is leading a campaign this week to uncover some of the financial difficulties of students, go to Hidden Course Costs Facebook Page to keep up to date.

Marvel Kalu

Images courtesy of Impact Images.

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