Navigating the Financial Tightrope: The Costly Reality of University Life

As a first-generation graduate, I’ve* intimately experienced the financial strains that accompany pursuing a degree. From volunteering at local food banks to witnessing firsthand the struggles of students as a university lecturer, I’ve delved into the pervasive issue of financial precarity among students across the nation.

In collaboration with Professor Ashley Casey, I conducted research shedding light on the financial challenges faced by trainee teachers in England. Our findings, outlined in the paper titled “‘I am struggling to survive’: financial inequity in postgraduate teacher education in England,” revealed a stark reality: many trainee teachers are forced to juggle their studies with part-time work and rely on familial support or personal savings to make ends meet. The impact on their well-being is profound, with some expressing that they are “struggling to survive.” It’s a troubling cycle where the disadvantaged continually face further setbacks, including women with childcare responsibilities, disabled students, those from low socioeconomic backgrounds, and immigrants.

Yet, the financial strain isn’t exclusive to teacher education—it permeates the undergraduate experience as well. University life presents a myriad of challenges, from social pressures to academic workload, compounded by financial burdens. Particularly for students pursuing courses with placement experiences such as PE undergraduate programmes, the costs can be prohibitive. Placements often require students to travel long distances, incurring additional expenses for travel and accommodation. Some universities even charge full course fees for placement years, leaving students without the opportunity to secure paid employment alongside their studies.

Moreover, the lack of support extends to basic necessities like meals. Many placements don’t provide meals for students, leaving them to cover the cost themselves. For those commuting to and from placements, restrictive dining hours at university refectories can pose a challenge, leading to additional expenses for food deliveries. Housing costs add another layer of financial strain, especially in expensive areas like London. Without a steady income, students may find themselves relying on family members to cover rent and bills—a burden many families can’t bear. Even with student loans, the financial gap remains significant, leaving students scrambling to cover expenses ranging from social activities to sporting fees. Speaking of sports, they serve as a vital outlet for mental well-being, yet funding constraints often deprive students of these opportunities. With placements demanding their time and energy, students may miss out on sporting activities and fixtures, further exacerbating their stress levels.

The repercussions of these financial challenges extend beyond the immediate term. Balancing placements with academic responsibilities can impede students’ ability to focus on assignments, potentially leading to failed years and increased debt. In essence, the financial precarity of university life casts a long shadow over students, affecting their well-being, academic performance, and future prospects. It’s imperative that universities and policymakers address these systemic issues to ensure that every student has a fair chance at success, regardless of their socioeconomic background. Only then can we truly uphold the principles of equity and inclusivity in higher education.  Given the current cost-of-living crisis, the decision to pursue higher education is undoubtedly a weighty one for many individuals. As the financial burden of attending university continues to escalate, prospective students are forced to carefully consider whether the investment is feasible amidst economic uncertainty.

Ultimately, until substantive changes are made to address the cost-of-living crisis and alleviate the financial pressures associated with attending university, the decision to pursue higher education will remain a complex and challenging one for many individuals.

Written by Shrehan Lynch & Eden Anderson April 2024

*I refers to Shrehan