The Student Room Group

Financial stress

I’m currently heading into my final year, weighing up how financially challenging it is going to be to essentially come out with a degree that can get me into jobs I could essentially get now. I want my degree but the financial side is just not coming out as I was expecting, part time work where I live is few and far between and although my parents do earn more meaning my student loan is the lower scale they do not provide for me meaning living off my student loan at £70 a week, I don’t want to drop out now that I’m this far into it but I’m feeling like I have no other option at this point unless I prioritise finding part time work over my attendance to the course.
Reply 1
lots of students do tutoring. if there's an A level you were solid in, could you sign up to mytutor or similar and get work that way? the hourly rate is usually good and it doesn't face the same demand problem as regular shift work
Reply 2
Original post by HoldThisL
lots of students do tutoring. if there's an A level you were solid in, could you sign up to mytutor or similar and get work that way? the hourly rate is usually good and it doesn't face the same demand problem as regular shift work


I did an access course in law and places like that require core a levels, unless things have changed since I last checked
Reply 3
Original post by 17starr
I’m currently heading into my final year, weighing up how financially challenging it is going to be to essentially come out with a degree that can get me into jobs I could essentially get now. I want my degree but the financial side is just not coming out as I was expecting, part time work where I live is few and far between and although my parents do earn more meaning my student loan is the lower scale they do not provide for me meaning living off my student loan at £70 a week, I don’t want to drop out now that I’m this far into it but I’m feeling like I have no other option at this point unless I prioritise finding part time work over my attendance to the course.


£70/ week after paying your rent?
Reply 4
Original post by Euapp
£70/ week after paying your rent?

I commute because moving would be too much,
£70 to cover commuting fees, personal bills etc.
Reply 5
I never get why parents don't want to help their children with funds, especially when they are on a higher income
Reply 6
Original post by 17starr
I commute because moving would be too much,
£70 to cover commuting fees, personal bills etc.


How much do you anticipate you will need to spend a week on absolutely necessary stuff
Reply 7
Original post by Anonymous
I never get why parents don't want to help their children with funds, especially when they are on a higher income

Because revenue doesn’t equate to disposable income!! Someone earning 35K in the North does not have the same disposable income as someone living in London or the Home Counties. SFE thinks that anywhere outside of London costs the same whereas it’s far from the case. A student flat in Liverpool Will cost about £120/ week but £180// week in Bristol . Now apply this to a family living in the south rather than north. After their rent or mortgage they have nothing left, but SFE thinks that they will find it just as easy to make up the shortfall in loan to a student as someone living in the North. Then take into account the number of children in the family that are still at home requiring to be clothed and fed. SFE will make a slight adjustment in their loan calculations for this, but it’s nowhere near adequate to compensate for the real cost.
Parents, in the majority of cases want to help their children. If they don’t finance the shortfall it’s mostly because they can’t !!
Reply 8
Original post by lesgo21
How much do you anticipate you will need to spend a week on absolutely necessary stuff

£40 minimum for commuting costs (I have a railcard already) plus monthly expenses my phone bill is £53 a month I’ve cancelled all unnecessary items however there is still other necessities
Reply 9
Original post by 17starr
£40 minimum for commuting costs (I have a railcard already) plus monthly expenses my phone bill is £53 a month I’ve cancelled all unnecessary items however there is still other necessities

£53/ month for a phone plan?? That can surely be renegotiated !
Reply 10
Original post by Euapp
£53/ month for a phone plan?? That can surely be renegotiated !

I have tried that also, they wouldn’t let me
Reply 11
Original post by 17starr
I have tried that also, they wouldn’t let me

If you have a high spec phone tied into your plan you won’t be able to change until the phone has been paid off but should be able to afterwards.
@17starr

You might be able to find something with the university and a student job is normally quite flexible.

If you are unable to find anything with the university, you might be able find a temporary Christmas job.

Your phone bill is way too high for a student trying to budget!

How many months left do you have on the plan?

Is there a family member who might be able to help you with some of the cost e.g. half?


You have one more year and though it might be tough to be strict with yourself about certain things, it might be useful in the long run! Learning to budget is a skill for life and there are times when you can be more relaxed with finances, (though you should always be putting something in your savings even if you are not putting a lot) and times when you need to be strict with yourself if you are not going to fall into financial problems.

Do you have any direct debits you can cancel?

Oluwatosin 2nd year student University of Huddersfield
Original post by 17starr
I’m currently heading into my final year, weighing up how financially challenging it is going to be to essentially come out with a degree that can get me into jobs I could essentially get now. I want my degree but the financial side is just not coming out as I was expecting, part time work where I live is few and far between and although my parents do earn more meaning my student loan is the lower scale they do not provide for me meaning living off my student loan at £70 a week, I don’t want to drop out now that I’m this far into it but I’m feeling like I have no other option at this point unless I prioritise finding part time work over my attendance to the course.

Hi @17starr,
Sorry to hear that you are struggling and considering dropping out. My advice would be to see if there is anyone you can reach out to at your university. Some universities have advice hubs and dedicated financial teams that can work with students and help with signposting any available discretionary funds or budgeting assistance. Also being honest and communicating with the university is always good and encouraged as you do not want your health or studies to be impacted negatively with your financial worries. Perhaps if you haven't already, speak with your family and say your concerns and see if there is anything they may suggest or be able to help with.
Dropping out, especially at your final year, is a big decision and one you do not want to regret. You have spent money to get this far and wouldn't want that money and all you time and hard work to go to waste.
Taking on a job in your final year is tough and you do not want it to negatively impact on your studies. Part-time jobs can be manageable if they are a necessity in your last year (I had one and know from personal experience) but your time is more stretched plus if you have to take time to commute for uni you already have more time taken up so it is really something that needs careful thought and planning.
Hopefully you are able to get some support and are able to continue your studies.
Catherine - University of Strathclyde Student Ambassador

Quick Reply