Increase in students working to fund studies

Feel free to use this image, just link to www.SeniorLiving.Org

Feel free to use this image, just link to www.SeniorLiving.Org

By Jacob Waite – Chief News Reporter


Over three quarters of university students work to fund their studies, a survey has found.

Around 77% of students work, rising from 59% last year, the study by Endsleigh and the National Union of Students (NUS) suggests.

The online survey of 4,642 students found that 63% of students state they have a part-time job and 33% of students worked part-time whilst studying.

Endsleigh and NUS also discovered that male students earn an average of £522 a month during their studies compared to £334 for female students.

Most students said they work part-time, but 14% are said to have full-time jobs during term-time.

The reason for the rise in students working to fund their studies is due to under-estimating the cost of university. 56% of those with a job stated they worked to be able to afford to pay their accommodation fees.

But 87% state enhancing additional skills and developing their CV are reasons for working during their time at university.

A spokesperson for UCLan said: “We fully understand that some students work while they are studying because it helps to supplement their income.

“It is also clear that being employed while at University provides valuable work experience opportunities and important life skills such as teamwork and punctuality, which employers value and could really improve students’ future career prospects.”

Despite the rise of students working while learning, dependence on other financial sources has stayed the same with 53% of students relying on their parents for money and 46% using their overdraft to fund their living costs.

But the student loan is still a main source of income for the majority of students with it rising from 67% to 74% of students who say it is their main finance source.

 

Universities in England currently charge up to £9,000 a year in tuition fees, with repayments beginning once a student graduates and earns more than £21k a year.

Students can borrow up to £5,555 a year (outside of London) to pay for food, rent, travel and other living expenses.

 

What is your main source of income? Are student loans enough to see you through university expenses? Let us know in the comments.

 

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