Self-financing ones studies can be very burdensome because it means in many cases, working extra jobs to keep up. This certainly will create a work-life-study imbalance. Hence the need for Academic Funding.
Here are some of the consequences of not applying for funding
1. Poor Attendance of Lectures
2. Problems with enrollment status
3. In some cases, dropping out because one can no longer keep up
4. high emotional stress
5. bad academic performance etc.
One way to avoid the above is to simply apply for funding or a scholarship.
See the link below for more about Academic Funding: