Rising living costs and personal financial difficulties have been plaguing people across the UK in recent months. Those who were already struggling have been further impacted as gas, rent, food and energy prices have been on the rise.
Media coverage fails to comment on a specific group – students. Students remain a largely financially vulnerable group. Typically, maintenance loans are the only form of substantial economic support afforded to those in higher education. Increasing costs of rent, utilities, food and transport have left some students in a considerably worse financial position in comparison to previous years.
There is a particular subset of students who are dealt the worst cards in this scenario – those whose parental income only marginally meets the requirements for the minimum total maintenance loan – and hence, are unable to rely on parents or guardians for additional financial support.
A recent BBC survey of 10,000 students revealed that 55% of students are now working at least part-time alongside their studies, as opposed to 45%, just 12 months prior.
With rising cost of living – Student Finance payments rarely cover all basic necessities for students, and for those who are unable to seek financial support from family, a job is often a necessity.
In interviews with 3 students across different university departments – all of whom work part-time alongside their studies, it was revealed that maintaining a job can often have an influence on their priorities, particularly education.
Eve, a final-year Law student, claimed that whilst her “degree takes priority” she must also manage her degree around her job, “because it’s also non-negotiable.” She explains that the money made at her part-time job is used to “pay household bills,” as well as much of her “living needs – to eat and shop.”
Even for students who maintain a part-time job outside of semesters, financial concerns often trouble them during term-time, as Florrie, a final-year English Literature and Music student explains. “I am constantly aware of the fact I will have to work at home, in terms of my spending,” she details, as she describes her strict budgeting regime to manage her everyday costs.
Camille, a 3rd Year Medical student explains the importance of paid employment, as she worries asking her parents for additional financial support would mean them “trying to help beyond their means for the sake of my education”. For some students, a job gives them a certain degree of financial security that student finance payments do not offer. “They could never afford to help me out massively, so that is my responsibility,” Florrie said. Y`et she does not qualify for additional financial support, or bursaries from the University.
The Office of National Statistics has reported that for students, rising costs have impacted university experiences, “affecting their ability to attend lectures or afford course materials,” with some students even opting for online attendance of lectures and seminars, to “reduce transport and food costs”.
Whilst online study may be beneficial to allow for flexibility for other commitments, such as part-time work, students undeniably miss key one-to-one teaching, interactions with peers, and networking opportunities.
Whilst the University of Sheffield offers plenty of free, on-campus facilities, including free loans on laptops, books, and PC’s, free hot showers, and free project equipment to aid with completion of work – what about the students who are struggling to pay for their heating bill, their rent, their food shop?
The Cost of Living Fund is a one-off, capped payment to support students at the University. The payments range from £244-£325, depending on annual course length, and students must meet certain criteria of ‘facing financial difficulties’ to be eligible. The University also supports students on unpaid placements, who are awarded a contribution for their additional costs, such as transport. Additionally, those who are eligible, based on parental income amongst other factors, for a bursary, have received a 10% increase in recognition of increasing costs.
Regardless of differences to university policy, those who receive the minimum student loan, are still left somewhat stranded in a grey-area of financial insecurity. Camille details her experience with applying for additional financial aid from the university, explaining that she has “applied for and received two one-off COL payments”, which were “£250 and £300 respectively”, and that whilst these payments “helped each year towards bills”, that the issue lies in the fact “you can only apply for one per year, and it is a long process, with a lot of documents”, and in hindsight, Camille feels, “it actually isn’t very much money when you consider the cost of rent and bills”.
Notably, Sheffield’s average living costs are 10% lower than the UK national average, and 25% lower than London, yet according to UniAcco, a blog that covers all aspects of University Life, “the cost of living in Sheffield for students typically ranges between £730 and £802 per month, excluding tuition fees”. This figure takes into account expenses such as accommodation, food, utilities, transport, and personal expenses. The minimum maintenance loan a student can receive at the University of Sheffield is £4651, and spread across 12 months, which is the typical lease for a rental property, students are left with just £387 per month to cover rent and bills alone.
Camille points out a flaw in this logic, she said: “My student loan is the minimum amount, but this only takes one factor into account: my parents income,” before she goes on to explain, “there are many other factors to consider in both mine and my parents financial situation – debt, location of rent, and other children.” In Camille’s case, her parents are expected to put 3 children through university, all of whom receiving the lowest maintenance loans.
Former Universities Minister Robert Halfon has reassured students nationwide that he would not be advocating for an increase in tuition fees, despite Universities UK, which represents 140 institutions, calling for a “national conversation on higher education funding amid pressures on university budgets as a result of inflation”.
So where does that leave students? Tuition fees appear to be fixed, for the meantime, but the real issue remains with maintenance loans. Should the University of Sheffield be more proactive in their approach towards financial support for students? Or is part-time employment unavoidable for students in Sheffield in this age?
Catherine McKeown, the Head of Financial Support, Student Support and Guidance at the university kindly offered her perspective on the current policies and economic climate faced by students in Sheffield. Catherine said: “Central funds have been increased in response to higher costs of living,” in recent years, as well as various measures, including grants, to offset costs for students “participating in mandatory unpaid placements.”
She details that whilst the University does its best in ensuring that financial information is available and accessible, that often “information overload can feel out of context and overwhelming,” which is understandable when students are unsure of where to begin in terms of additional financial support.
Catherine also details the importance of students understanding their income and expenditure and writing a budget, so that “gaps can be identified, and action taken to plug those gaps.” When asked about the ever-growing climate of employment alongside full-time studying, Catherine said: “It is no great secret that higher education is underfunded.
“It is not a bad thing to work, in terms of gaining transferable skills.” but in the same vein, she identifies that “when time at work eats into independent study time, that can be a problem”.
It is clear that students are struggling, but the financial struggles faced by the university mustn’t be disregarded – limited resources for all have made this period immensely challenging for all involved in higher education.