Australian Uni Students Have High Levels of Financial Stress, 1 Out of 5 Can't Afford Food
As student loans continue to increase, two in three Australian college students now live below the poverty line.
According to a report from Universities Australia, more than two-thirds of the student population is worrying about their tuition fees and other finances. The current figure is a big leap coming from just half of university students reportedly under financial stress in 2006.
Based on the longitudinal study of student finances, two-thirds of college undergrads earn less than $20,000 a year while 21 per cent earn less than $10,000. Despite the small income, their average annual expenditure is $37,020. College student spending rises as housing, food and utility costs also increase.
The study also revealed almost one in five students couldn't afford to buy food and other basic necessities due to financial hardship. Money for textbooks is the most difficult to acquire as students don't know where to fit it in their meager budget.
A quarter of university undergraduates in Australia had taken out a loan of some kind along with post-graduate students.
Estimated level of debt soared to $37.217 per student including school-related fees. Australian university students have higher levels of financial stress compared to indigenous students and those from low socio-economic backgrounds.
One-third of the indigenous student population receives support from parents or partner compared to half of non-indigenous Australian students.
Universities Australia chief executive Belinda Robinson said the report clearly reveals increasing financial stress of students in universities. It remains unclear whether financial stress will have an impact on future enrolments and dropout rates but the organisation is planning to closely monitor the situation.
According to Jade Tyrrell, president of the National Union for Students, student poverty levels have also increased. She said students need more income to support their needs.
About 11,700 college students participated in the survey of Universities Australia.
