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Students in Wales taking out loans to afford luxury flats

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Students are taking out payday loans to live in luxury flats in a bid to avoid poor standard accommodation, it has been claimed.

The National Union of Students (NUS) said many were struggling to pay high rents in a bid not to live in substandard house shares.

A spokesman for NUS Cymru said many students could not afford decent accommodation and were being forced to live in properties with damp, and even rats, while studying.

“Not insubstantial amounts of students are taking out credit cards and pay day loans and getting into financial trouble over all sorts of things including accommodation,” he said. “Students just want a decent house”. “There are the ones who have the money to look at these ones in Cardiff with gyms and cinemas, but there are many who are struggling to make ends meet and just need a home they can afford to live in and run.”

Official statistics show the number of students going to universities in Wales is falling, with 131,185 students enrolled in 2011/12 compared to 121,950 in 2015/16 – a drop of about 7%.

Mr Feeney, of property advisors Cushman and Wakefield, said a huge gap was appearing in Wales as universities raced to attract students who wanted a more niche and luxury experience.

Qualifi has commented on several occasions in regard to the issues associated with the size of debt that many students are burdened with as a result of choosing to study for a three-year honours degree at University. There are an alternative and more affordable option, namely the Advanced Learner Loan, Qualifi Level 4 and then Level 5 qualification with final year top-up Hons degree via a Qualifi partner University.  The model outlined requires less student loan, enables a blended learning approach which means candidates can stay local to where they live, facilitates earnings while you learn and yields up a university Hons degree at the end of 3 years. There is, therefore, a means by which students can avoid substandard housing and also avoid huge excessive debt.