Food insecurity among the student population is a prominent issue in South African university institutions. However, personal experiences and the myriad of underlying factors contributing to the issue remain poorly documented. Among other factors, these universities are characterized by the admission of a majority of their student population from poor backgrounds with limited financial capabilities, and this affects their food security status. The purpose of this study was to view the patterns of food insecurity among students, with a focus on alcohol consumption as one of the various factors influencing student food security status. Data were collected from 156 student respondents from the University of KwaZulu-Natal, Durban University of Technology, Mangosuthu University of Technology, and the University of Zululand. The Household Food Insecurity Access Scale revealed that from the total sample, only 21.79% reported themselves as food secure, whilst the remainder reported varying levels of food insecurity with 17.31% of students being food insecure, 16.03% mildly food insecure, and 44.87% severely food insecure. On the other hand, a prevalence of 73.08% (n = 114) of alcohol consumption was found among the sampled students. Ordered probit models results suggested that students’ alcohol consumption prevalence was determined by gender, level of study, exercise/playing sport, marital status, and distance to campus, which all had statistically significant effects on students’ alcohol consumption. Most crucially, gender, institution and campus positively affected students’ food security status, while the income variable made a negative significant contribution towards student food security status. Therefore, a link between students’ finances and food insecurity was evident. However, further research is required to delve into the link between the level and impact of students’ alcohol consumption and its implications on their financial status, and thus food security status. This is crucial information which will help policymakers understand these underlying factors and experiences and thus find solutions for issues related with food insecurity.