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Students splurge loans in less than 7 weeks
Freshers run through their student loans in just 51 days into their term, with some splurging it all in the first month, according to a new report.
According to VoucherCodes.co.uk, the average undergraduate will spend their first term’s loan, by 20 November.
One in six will splurge all their money in the first month of term – that’s £42.85 every day.
Students at Scottish universities are the UK’s biggest spenders, getting through their term’s loan in just 43 days (5 November).
In contrast, students in Wales stretch their money for 56 days, with the average undergraduate running out of cash on 4 December.
Duncan Jennings, co-founder of VoucherCodes.co.uk said: “Students have traditionally been good at good at making the most of their money, yet our research shows the current crop of students will be running out of cash three and a half weeks before the end of their first term.
This September saw tuition fees going up for most students, with many universities opting to charge the full £9,000 a year. With university costs higher than ever, four out of five students use maintenance loans to help cover costs, with the average amount borrowed a hefty £3,600 a year.
Despite growing costs of attending university, students seem to be enjoying more lavish lifestyles, with nearly one in three claiming to regularly drink expensive cocktails and over one in ten enjoying regular beauty treatments.
