Which university students spend their loan quickest?

If you’re lucky enough to have some of your loan left over after your rent has been taken from your already-withering bank account, you may be tempted to splash out on luxuries such as new clothes, nights out, and excessive Deliveroo food orders. This is often the case with loads of students across the country, as a study has revealed that by October 20th, practically all leftover cash from student loans has been spent, with 75% of students moving onto credit cards to fund their lifestyles. How crazy is that??

Those who had used up their entire first student loan installment already were most likely to be found studying at: 

 1.        Sheffield Hallam University – 10% 
2.        Cardiff University – 9% 
3.        University of Leeds – 6% 
4.        UWE Bristol – 6% 
5.        Nottingham Trent University – 5% 
6.        University of Glasgow – 5%
7.        Durham University – 5%
8.        University of Kent – 5%
9.        University of East Anglia – 4%
10.        University of Reading – 4%

Whereas the frugal attendees of the University of Manchester are the most likely to have some of their student loan left. Personally I reckon a move to the north west is in order now!  It was also found that part-time jobs (32% of students) and the bank of mum and dad (25%) are most relied upon after the loan has run dry. Some students also turn to selling items like clothes and phones too. I’ve personally found that Facebook buy&sell groups, as well as apps like Schpock and Vinted, are the best options for selling your clothes and accessories quickly and hassle-free. As they say, one person’s trash is another one’s treasure…

Sell My Mobile carried out the research of more than 2,700 UK university students and found that 17 per cent of students resort to selling their belongings when they run out of student loan money. Clothes were really popular sale items in the study, coming in at 25%. Mobile phones filtered in afterwards at 21%, then jewellery/watches at 14%. Surprisingly, games consoles are most likely to get the boot first in exchange for some spare cash though. Actually though, I guess you don’t really need that extra expensive distraction from your work. 

The study found that these were the main causes of expense in those first few weeks of uni when your loan has just dropped.

1.        Nights out – 87% 
2.        Clothes – 74% 
3.        Food – 59% 
4.        Alcohol (drinking at home) – 55% 
5.        Technology – 31%

Makes you wonder whether having a Netflix account would be cheaper and more entertaining than a night out, doesn’t it?

 

The following two tabs change content below.

Molly Hare

Molly Hare // Student Wire Magazine Editor // PR and Journalism student at Leeds Beckett // Book worm, cocktail connoisseur, gherkin fanatic //

You Might Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.