It’s very easy for it to get out of control when you consider the cost-of-living crisis and how your maintenance loan might not align with the cost of day-to-day living. It can be tempting to solve this with a credit card; however, these can quickly cause overspending and without having the means to clear the credit at the end of the month. Interest then gets added to the total; this can lead to a cycle of debt that you feel like is spiralling out of control. The same is true if you’re regularly going over your agreed overdraft with your bank.

Get Talking!

If you do find yourself struggling with debt and feeling unsure about what to do. The worst thing you can do is stay quiet. If you start panicking about how you’re going to pay your next bill or when you’re going to get your next meal – it’s time to ask for help.

Ignoring or putting off addressing your debt is only going to prolong the issue, and with interest, make it worse. That’s why getting help with the issue sooner than later is 100% better than leaving it for a future version of yourself to fix.

If your financial hardships are caused by a maxed out credit card or going over an agreed overdraft and you don’t have additional funding to pay off the debt, get in touch with your bank or card provider as they can often help set up an instalment plan that works for you to help you pay off the debt over a manageable period of time.

If you have multiple debts, you can get free advice and support from a debt charity on what to do next. The advisors are experts in helping you get your finances back on track without judgement on your situation. They’ll break down all your finances and come back with a personalised plan on what to do next.

How we can help!

We can offer guidance and help through our Advice Service and the University has its own financial advice team for students to access whenever you need. They run appointments and drop-in sessions for students to ask any questions or get any advice you may need.

If you need financial aid, the University also have a Hardship Fund. This is a non-repayable grant, with a maximum award of £2500. If you’re eligible for an award you may not get the maximum, but instead you may get support between £100 and £2500.

More on Hardship Funding

To apply for the hardship fund, students contact the hardship fund team who can have a conversation around your circumstances and offer additional support where appropriate.

The Hardship Fund isn’t designed to replace income from wages, benefits, or student funding, so there is an expectation that you have sought financial support from all external funding avenues before you can be assessed for an award. Where you haven’t done this, an income will be assumed in your assessment.

How do I apply?

Unfortunately, not all students will be eligible for this fund, however we still want to hear from you as the Student Support Finance Team can offer a range of information and support that may not be monetary, but could make a positive change in your situation.

To contact the team, please fill in the Contact Us form with as much detail as you can, and they will be in touch as soon as possible.

However, if you are facing an emergency or would prefer to speak to someone face to face, please visit: 

• Preston Campus – Student Support, Lower Ground Floor of the Student Centre
• Burnley Campus – Student Support, First Floor, Victoria Mill Building
• Westlakes Campus – John Fyfe Building (formally the Samual Lindow Building)

The University also have a Student Support Drop-in on the Upper Ground Floor of the Preston Campus Student Centre every weekday, should you want to discuss anything in a confidential space.

Alternatively, give them a call on 01772 891828 (option 2) to speak to a member of Student Support staff.

How do I know if I’m eligible?

Unfortunately, international students are not eligible for support from the Hardship Fund due to visa restrictions and regulations. If you are an international student and facing immediate financial difficulty, please contact the financial team anyway to discuss your circumstances so that they can look at what other support they can offer you.

The Hardship Fund is designed to support students who have additional factors on top of the standard cost of living that everyone must cover. These students tend to have:

• Children under the age 18
• Disabilities or health conditions that prevent them from taking on part time work.
• Caring responsibilities
• Priority debts that have been organised in a debt management plan

For information about eligibility and the terms and conditions for the Hardship Fund see the Guidance Document.