Hallam student Tom Price has lost his £700 student loan to gambling in the space of just 4 days.
Because Tom’s parents do not earn a major financial income, he is eligible to receive the highest possible student loan to support him in his University life. Unfortunately, Tom decided that he was not going to budget for his last 8 weeks at Sheffield Hallam and went for broke.
One risky trip to the casino and a very expensive gambling spree on the internet later, Tom was £700 down and without a penny to his name.
Tom admits that the gambling has obviously become a bad habit:
“I never thought that it would get out of hand really. I used to bet a few quid on the football but it grew from there. I won £500 once off just £3 and in the long-run that was a bad thing because I suddenly felt I couldn’t lose.”
As you have just heard, Tom is not on his own when it comes to irrationally spending student loans. One girl spent £950 on a designer handbag!
Many of us struggle to keep in the black financially no matter how well we budget. Sometimes the loan just simply does not stretch long enough and the bank of Mum and dad well and truly dries up.
What many Sheffield Hallam students do not realise is that the University financial services can offer an extra loan to help support us when we are really struggling. I decided to speak to Chris, Hallam’s student finance advisor, on all things student loans.
Chris also mentioned that the most important thing a student can do with their loan is to “budget responsibly and stick to it by all means.” The problem is that Chris’s advice and the option of an extra loan is scarcely advertised.
See the details below if you would like more information on the Sheffield Hallam University Financial Services.
Student Financial Support Centre
Visit us in room 5214, Surrey Building at City or the Heart of the Campus at Collegiate.
Phone: 0114 225 2184 (City) or 0114 225 2491 (Collegiate)