University goers in York have been warned about their student finance position after new research found budgets in the region are under considerable pressure.
Carried out by the Consumer Credit Counselling Service, the study highlighted undergraduates as being particularly vulnerable to monetary woes as they take on student loans and adopt other ways of borrowing cash, the Yorker reports.
Mark Hartley, a spokesman for the charity, said people tend to just consider the student loan itself when thinking about such debts, but added arrears can also include credit cards and other forms of unsecured lending.
The industry figure stated: “For many students, university is the first time when they will have managed their own finances and it can take a bit of getting used to.”
He added youngsters should therefore come up with a realistic budget each term that they will be able to stick to throughout the full period.
The news comes after Judy Reith, parenting coach and author at Parentingpeople.co.uk, recently noted many graduates are being forced to return to their parents’ house because of the high student loan repayments they face.