Feb 27, 2017 06:54 AM EST
University of Manchester students had been plagued by high student debts had caused stress and affected their mental health. This was the findings of a recent study conducted by Intelligent Environments, a financial technology company among students of Manchester University.
Leading stressors were the shortage of subsistence allowance. Data revealed that 66 percent of the respondents of the study experienced lack of fund for food and rent. Having a part time job helped some students survive. However, those in their senior year who had no time to work found themselves always short of money. This affected their mental health and academic success, according to The Mancunion.
Some students had to skip meals to save on their food allowances. They high tuition fees means they would be incurring huge debts before graduation. Thoughts of how long they could repay what was spent for their college education added to their anxiety.
The managing director of Intelligent Environments, David Weber, considered the situation as something to worry about. Students' physical and mental health as well as their academic performance suffered from the issue about student debts. In fact, a research conducted last year revealed that students' debts in England are the highest among English speaking universities, according to SI News. Because of this, students tend to eat less, work more, and spend sleepless nights thinking what else to do to improve their financial status.
It shows that problems regarding debts incurred by students in order to acquire a college degree were real anywhere around the world where governments extended loans to students for their school expenses.
To help students reduce their financial burden, the university provided access to online sources for learning how to save money. Modules can download a module about spending money wisely. Online support came with advice services that focused on how to be frugal in spending money.