One in seven (15%) rank managing finances as the most stressful aspect of their university experience, alongside exams (15%) and said it’s almost as stressful as coursework (18%).

The survey conducted by Which? University comes just a day before tomorrow’s student finance application deadline, when prospective students have to apply for funding by this date to make sure they get money before the start of term.

Which? found the stress of managing finances came higher up the rankings than other major life changes for students such as being away from family, friends and loved ones (9%), making new friends (7%), and living conditions in accommodation (4%).

The survey also revealed that for those from lower socioeconomic backgrounds not intending to apply for university, 42% said they thought it would be too expensive.

However, most students planning to go to university can borrow money to pay for their fees and living costs through a number of finance options:

• A non-means tested loan to cover tuition fees
• A means-tested maintenance loan to cover living costs (e.g. rent, food, books, travel, etc.)
• A non means-tested loan available to students aged 19 and over, studying eligible courses

Alex Hayman, Which? managing director of public markets, said: “Missing the deadline for student finance could have significant consequences, leaving students without funding at the start of the academic year.

“Apply ahead of Friday’s deadline to avoid frustration and unnecessary complication in the first term of university.”