As we are all aware of by now, the cost-of-living crisis has put the price of everyday items at a scary incline. This is hitting many sectors of society in a detrimental way, university students most definitely included. It is hard enough already to move out of your home and learn to provide for yourself, but budgeting becomes a lot harder when things cost more than you were expecting.
In fact, an official survey has revealed that half of students are facing money problems; this increasing pressure (and for many, debt) is causing serious issues with students’ mental health.
We literally cannot afford to heat the house properly to stop mould and damp. I’m having to sleep in 3 layers and wear gloves when I work. It’s depressing.
– Felix van Oordt, University of Warwick Student
In recent weeks, though, universities have started to implement aid for students in this difficult time, Warwick included.
Those who were previously receiving the Warwick Bursary, a system put in place for those who receive the maximum student loan as they do not have any external source of income (from their household), have been given an increase for their December payment. The official statement from Warwick reads that:
“On 19 October, we announced our initial support package including a 10% increase in Warwick Bursary payments.”
As a recipient of the Warwick Bursary myself, this boost at the end of term has helped more than I can describe. At the beginning of term, I had massively noticed price differences, most significantly those of food and petrol. What would have cost me a budgetable amount last year was now almost double. The end of term was a slightly worrying idea what with Christmas coming up and prices remaining large. This increase was a welcomed crutch for me, but I know for some students who will have received this, it will have been the difference between scraping by and eating well for these last few weeks of term.
With the average maintenance loan falling short of current living costs, aid such as the Warwick Bursary (and its 10% increase) is extremely necessary.
The Office for National Statistics found that the cost-of-living crisis is also have a huge effect on students academic life and success with:
- Some 29% skipping non-mandatory lectures or tutorials to save on costs
- Around 31% choosing not to attend additional course-related events that cost money, such as field trips or conferences
- And 40% of students studying more at home to save money.
Almost 1/5 said they had considered moving back to their family home and commuting to university.
If you are struggling with your finances but are not currently on the Warwick Bursary program, there are other avenues of support that the university offers. The main support system is known as the Hardship Fund which is designed to help those in “situations of short-term emergency which causes them difficulty in meeting their essential living costs”. While these funds available are limited, they are extremely useful if you find yourself with little to no finances in this difficult time. For more information on this support and other aid by Warwick, follow the link below.