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Students find managing finances as stressful as exams

Money matters among the top three causes of student stress

With the student finance deadline looming for prospective university students, Which? research has revealed that managing finances is as much of a headache for students as exams.

In a survey of more than 2,000 undergraduates by Which? University, 15% of students ranked managing their finances as the most stressful aspect of university. This was on par with exams, and just below coursework (18%).

Being away from loved ones (9%), making new friends (7%) and trying to fit in (4%) were all ranked lower.

Student finance deadline approaching

The deadline for student finance applications for students studying in England is Friday 26 May.

While you can still apply up to nine months after the academic year starts, the deadline – decided by Student Finance England – is set to avoid delays in students receiving their funding at the start of term.

Alex Hayman, Which? managing director of public markets, said: ‘Missing the deadline for student finance could have significant consequences, leaving students without funding at the start of the academic year.

‘Apply ahead of Friday’s deadline to avoid frustration and unnecessary complication in the first term of university.’

Fees and finance for uni students

Most students planning to go to university can borrow money to pay for their fees and living costs through a number of finance options, including:

  • a non-means-tested loan to cover tuition fees
  • a means-tested maintenance loan to cover living costs (such as rent, food, books, travel, etc).

The deadline to guarantee funding for the start of term varies for new students in Scotland, Wales and Northern Ireland. Meanwhile, returning students across the UK must also re-apply for student finance for each year of their course.

Find out more about tuition fees and financial support, including key deadlines, in Which? University’s student finance guide, and download our free student budget planner.

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