Debt management news: Students struggle with part-time work and assignments

18/01/2010

Students juggling debt problems with part-time work are finding it hard to balance academic assignments with financial worries.

Balancing student life with available finances is becoming increasingly difficult, according to an independent university advice website.

Johnny Rich, editor of Push.co.uk, said that while students have always faced financial pressures, "it is now impossible to get by at university without part-time work of some description."

Mr Rich added: "The more students have to earn from part-time work, the less likely they are to find a happy balance."

He advised that many students found themselves juggling mounting debt, a part-time job and coursework because they had failed to do enough prior research about university life.

By being aware of what their costs are likely to be, creating a budget and ensuring they are receiving all the grants they are entitled to, Mr Rich said that students will be able to have a more fulfilling university experience.

Kevin Still, director of EuroDebt commented: "Going through University can put enormous strain on both the student and their parents, who may be part funding the tuition, accommodation and living costs.

"We see many parents starting Debt Management Plans and IVAs because they are funding grown-up children and have got into debt problems as a result."

He added: "This type of debt spiral is quite common. Cash flow shortfalls may also entice students into taking out credit cards and store cards they may later regret using."

Tags; Recent Graduate Debt,

Regional Debt Advice; Debt Advice Lancing,

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