Friday, September 25, 2009
Category:
Consolidation
Recent research from Halifax has revealed that 73% of students at university are working in order to help fund their studies.
This has increased compared to the figure from 2008 when the survey showed that 66% of students were working to fund their studies.
15% of students were worried that their parents might have to stop helping them pay for their studies and 31% said they were unsure what the potential impact the current economic climate might have on support from their parents. Nearly half of students said that they worked part time during term time in order to assist with the cost of university – this has also increased from the 41% of students who said they did so in 2008.
A large proportion of those studying in Northern Ireland were reported as working during the holidays (86%), and 76% worked part time during the holidays. Least likely to work during the holidays were those students in the West Midlands and during term time, students in the South East.
Feeling the pinch the most were those students who were in their third year as four out of five saying they worked during the holidays in order to pay for university.
For those that do work during the university term, on average 13.3 hours are spent in employment per week. 11% of those who work whilst at university said that they do so for more than 20 hours per week. Students who study in Scotland worked on average 15.6 hours per week and were reported as most likely to work more hours.
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Graduate homeowners who used credit or store cards to fund university could consider consolidating these with a debt consolidation loan. A debt consolidation loan is one of many options to consolidate debt and rather than having to pay several bills each month, these will be replaced by one. If opting for a debt
consolidation loan, it is however important to remember that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
