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Facing the challenges of student finance

Lorri is Deputy Director of Student Affairs for the University of Greenwich campuses at Chatham Maritime, Medway, Avery Hill and Maritime Greenwich. She has been involved in student finance and student support at the university for the past ten years and seen thousands of students – both school leavers and mature – take the plunge to boost their career opportunities and study for a degree.

Lorri is confident that the vast majority of people will successfully negotiate the financial challenges, although many will need additional help and advice along the way.

“Statistics show time and time again that gaining a university degree is the single most important factor in improving both your career opportunities and your salary prospects,” she said.

“Student loans, available through local education authorities, mean that no-one has to have the cash up front for their tuition fees and there is means tested support and loans available for the living costs involved in attending university.

“Student loans are one of the best value financial products available at really low rates of interest which are making it possible for so many more people to go to university.

“Once at college, the challenges facing school leavers and more mature students are different.

“Younger students living independently for the first time are usually prepared for their accommodation costs, currently between £80 - £120 per week, and even the price of a week’s groceries. However, they tend to be caught out by some of the extras that they may have just taken for granted when they were living at home.

“These hidden costs can be such basics as toilet rolls or just the expense of doing their washing. Frequently, in the early days, with the heady mix of freedom and so many new friends, it is just too easy to let the costs of socialising get a little out of control and forget that course books and materials can cost as much as £350 each year.

“For most students there are three financial danger points each year – September, January and April.

“These are when the funds are paid out by the Student Loan Company, which means that, for a short time, students can feel that they have lots of money to work with and lose sight of the actual number of weeks it has to last – not to mention the fact that Christmas and the cost that can entail is just at the end of the first term.

“Our mature students are already very familiar in the problems of keeping living costs under control but they also have other commitments which can drain the funds, such as childcare and travelling to lectures and seminars.

“Fortunately many mature students can retain their existing benefits, such as child tax credits, income and housing support.”

Lorri’s team of student advisors believe that they can give students the most assistance when they acknowledge financial problems before they get too out of hand.

“Catching cash flow problems and basic budgeting difficulties early really helps,” she said.

“We encourage students with financial problems to look at where the money is going and help them to prioritise what they are doing. For example, if a student has been going through a patch where they have needed more support from friends and family, mobile phone bills can totally run away. We always suggest a pay-as-you-go phone service to keep costs under control.

“And, like other universities, we are often able to help students experiencing financial problems with short term loans and other assistance through the £1.2 million Access to Learning Fund made available to us by the government.”

Many students help keep the cash flowing through at least their first two years at university by working part time. The University of Greenwich operates a Job Shop at each campus offering paid work at the university and with many local employers.

“It is a good service and the website featuring new job opportunities is updated daily,” said Lorri.