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Scotland’s universities have revealed that more than 50,000 students have been seeking financial help as they struggle with their finances.

The universities say growing numbers of students have been seeking financial help over the last five years.

The findings from the Liberal Democrats reveal that more than 53,000 applications have been received by university authorities for financial assistance since 2012.

The research also highlights that the Students Awards Agency for Scotland show that the value of a student loan has risen by 175% since 2007 but over the same period of time, the value of grants and bursaries has dropped by a third.

A spokesman for the Scottish Liberal Democrats said: “The figures show that over the last five years, there are tens of thousands of Scottish university students who’ve had to reach out to authorities to say they are struggling to keep their heads above water.”

Fewer poorer students receiving financial help

He added that there are fewer poorer students receiving financial help and those that are doing so are receiving less despite their accommodation and inflation costs rising.

A spokeswoman for the Scottish government said that a record amount of been invested into student support with increased bursary funding.

She highlighted that Scotland remained committed to free tuition and students in Scotland do not rack up extra debt of up to £27,000 plus the average student loan that students elsewhere in the UK are doing.

The problem for Scotland’s university students highlights that those who’re struggling financially are from all walks of life and of all ages.

While the students are struggling now, they are likely to leave university with a hefty debt which many will be looking to resolve as quickly as possible once they begin working.

Need to seek impartial debt advice

However, it may be that they will still need to seek impartial debt advice about how to deal with their financial situation and repay the money they owe.

One way of doing this is to speak with the friendly team of debt advisers at Scotland’s Trust Deed.

The advice they give is impartial so you don’t have to follow it and the team is available to speak with every day.

There are a wide range of ways to resolve debts for people living in Scotland, and these include a debt arrangement scheme and a trust deed.

It’s also possible to discuss the potential of alternative debt remedies including debt consolidation and having debts written off by creditors.

The debt advisers may also discuss how to go about a full and final settlement with creditors and even organising a debt management plan.

Scotland’s Trust Deed team can discuss things like a debt arrangement scheme

The Scotland’s Trust Deed team can also discuss things like a debt arrangement scheme, which is run by the Scottish government, as well as a trust deed.

The big attractions for these two debt solution plans is that the debts are repaid at a lower rate over a longer period of time. With a Scottish trust deed there may be an amount remaining at the end which is written off whereas with a debt arrangement scheme, the full amount will be repaid.

Essentially, for students at Scottish universities looking for financial help or wanting to know more about how to deal with their debts, then it may be worthwhile speaking with the debt advisers at Scotland’s Trust Deed and this advice is also suitable for non-students as well, regardless of your age and how much you owe.