Serious Money Problems

So, I’m a postgrad student who is coming to the end of their degree at uni in one of the big UK Cities (I am originally from the rural South-West), great right?

Well this year, paying for accommodation and paying for my course has financially ruined me, I have maxed out two overdrafts, I am working part time but it is nowhere near enough to live off and pay my overdrafts off at the same time

I am looking to start my career asap but I intend to stay here in the city as back home there is just not the opportunity for the line of work I want to get into, but I just feel like I’m in a financial mess before I have even began my career and my only option is to take out a high interest loan which I will end up paying back for years

It’s really affecting my mental health and I spend most of my nights tossing and turning in bed about financial worries - any advice is appreciated

Reply 1

WhoStoleMyName?

Hey,

I can understand how challenging it must be to face financial difficulties while pursuing your postgraduate degree. It's not uncommon for students to experience financial strain during this phase of their education. The cost of accommodation and course fees can add up quickly, especially in big cities.

It's good that you're determined to start your career in the city where you have better opportunities. However, the burden of debt and financial worries can certainly take a toll on your mental health. It's important to prioritize your well-being during this time.

One option you mentioned is taking out a high-interest loan, but it's essential to carefully consider the long-term consequences and evaluate if it's the best solution for your situation. Before resorting to loans, it might be worth exploring other avenues to improve your financial situation. Here are a few suggestions:

Seek additional sources of income: Besides your part-time job, consider if there are any freelance or gig opportunities you can take up to supplement your income. Look for flexible work arrangements that can fit around your studies.

Create a budget: Evaluate your expenses and identify areas where you can cut back. Track your spending and prioritize essential expenses. This can help you manage your finances more effectively.

Seek financial assistance or advice: Reach out to your university's student support services or financial aid office. They may have resources or advice specifically tailored to students facing financial difficulties. They can guide you on available scholarships, grants, or bursaries that could alleviate some of the financial burden.

Remember, you're not alone in facing financial challenges as a student, and seeking support is crucial. Don't hesitate to reach out to friends, family, or university resources for assistance. Taking care of your mental health is equally important, so consider seeking counseling or support services offered by your university to help you cope with the stress and anxiety caused by financial worries.

Stay positive and focused on your goals. With determination and some strategic planning, you can overcome these challenges and pave the way for a successful career.

Reply 2

Zarek

I would get some debt advice which will both put your worries in some perspective (you are not alone with student debt) and also help you manage what you owe in the best way. There is a gov.uk site which recommends support agencies. Getting a decent graduate job will definitely improve your lot, giving you enough to live on and to pay off the debt

Reply 3

he11o_kitty

Hey, is there a hardship fund available at your uni? There should be a team within your university who can direct you to some postgraduate financial support. Contact whoever you can at your university and explain your situation - it could be your personal academic tutor, the head of student wellbeing, really anybody working at the university. They will be able to direct you to the correct person.

Reaching out is one of the best options when you're struggling financially. There are facilities and people available to support you, you don't have to go through this alone at all.

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