Gaining a degree is a key marker of success and social mobility, yet the cost of living crisis means that access to university is far from universal.
According to statistics from the Student Loans Company, the number of students dropping out of their courses is at the highest level since its figures were first recorded. A record 41,914 undergraduate students quit in the year to August 2023, equivalent to one in 37 of the student population and a drop-out rate leap of 28 per cent in only five years.
Further research from the Higher Education Policy Unit reveals that seven in ten students have considered leaving higher education since starting their degree, with two fifths citing rising living costs.
With the average combined cost of tuition fees and accommodation hitting £49,887, the financial gap between student income and expenditure needed to comfortably complete a degree stands at a significant £621 per month. The burden weighs most heavily on students from lower socio-economic backgrounds, who often are forced to take on additional work as they study. Blackbullion, a student finance platform, even suggests that 57 per cent of students have received a lower grade than expected because they felt too cold to study, while 56 per cent have gone short of food.
So what can be done to support students financially and to ensure that more complete their degrees?
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Next week is the second annual National Scholarships Week, which aims to highlight the availability of scholarships for undergraduate study. Unlike in the United States, where one in eight university students receives financial support through a scholarship, monetary rewards remain relatively rare for Britain’s undergrads.
This year’s theme is “Apply. Achieve. Advance.”, with the aim to position scholarships as an asset to strive for rather than a stigmatised handout. Vivi Friedgut, the chief executive of Blackbullion, which organises the event, said: “To ensure that the UK continues to be a world-class knowledge economy, we need more creative and effective ways to address the cost of living crisis. National Scholarships Week is an opportunity to celebrate the innovative companies and organisations helping to improve educational opportunities for students across the country.”
Blackbullion says that many British students do not apply for scholarships “for fear of being labelled as poor”, but the awards can be transformative. So far, National Scholarships Week’s corporate funders have pledged £800,000 in new funding to be split across 75 scholarships. While the average award is £14,000, some grants pay up to £42,000.
Partners include Nationwide, the Chaucer Group, Stack Infrastructure, FTI Consulting and Accu, with many firms offering internships as part of the award. Successful students also may be prioritised in the company’s graduate hiring process, helping firms to fulfil their diversity, equity and inclusion and corporate social responsibility obligations.
“Providing scholarships enables us to drive representation within the data centre industry and nurture the next generation of talent,” John Eland, the chief executive of Stack EMEA, said.
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The week is also being supported by both Universities UK and the Office for Students, the independent regulator of higher education in England.
“National Scholarships Week is a fantastic initiative, and the businesses that step up to support students stand to reap real benefits by developing links with talented future graduates,” Vivienne Stern, the chief executive of Universities UK, said. “It’s a classic win-win.”
Find out more at https://business.blackbullion.com/national-scholarships-week-2024/
How to get it done
Applying for a university scholarship is part-storytelling, part-hard facts. Here Blackbullion guides you through the process.
1 Sharing your genuine story in the application. Tell the provider why you are applying and, more importantly, what the scholarship will mean for your ability to achieve their goals.
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2 Thoroughly research the scholarship provider. Each scholarship application is different. It is essential to demonstrate to the funder that this application is for them and only them, ensuring that you will be noticed.
3 Share experiences about your family, personal achievements and what your aspirations are. Linking future goals to the subject that you have chosen to study demonstrates your commitment to education and your future, which goes a long way with funders.
4 Use artificial intelligence with caution. Reviewers can tell if you use AI on their scholarship. That doesn’t mean that you shouldn’t use ChatGPT to assist with your applications, but it does mean you need to be careful.
5 Apply to as many scholarships and bursaries as possible, for the best chance of success.
6 Triple-check your application before you submit it. A scholarship award can be life-changing, so it is worth the extra time to get it right.
Case study
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Myat Kyi Moe moved to London from Myanmar at the age of five but after her father died, she feared taking a degree would prove too great a financial burden. However, Myat was awarded a Chaucer Group scholarship and is now studying BSc Management at Warwick Business School.
“My family moved to the UK for better opportunities,” she said. “I’ve always thoroughly enjoyed education, so going to university had always been a big dream of mine. However, coming from a low-income, single-parent household, the idea of pursuing higher education was overwhelming.
“Nevertheless, I was determined to have a look at what help was out there to make attending university more attainable. The Chaucer scholarship is incredible as it covers my full tuition fees and living expenses and also includes internships and mentoring. It has changed my life in countless ways.”
News in brief
⬤ A new report suggests that 43 per cent of UK employees have seen or experienced inappropriate or illegal behaviour at work, but mistrust around possible retaliation holds back many from reporting workplace misconduct. However, the study from Personio, an HR software provider, found 52 per cent of staff had become more aware of the importance of whistleblowing thanks to media reporting on high-profile cases. “Whistleblowing carries a lot of stigma, but it shouldn’t,” Pete Cooper, from Personio, said. “It’s about protecting people and businesses.”
⬤ “Hustle culture” is on its way out, as a third of all job adverts now advocate a better work-life balance. The charity sector is leading the shift, with half of all roles including the phrase. Last month was the first time that there were more “anti-hustle” jobs advertised than pro-hustle postings. Andrew Hunter, from Adzune, which carried out the analysis, said: “Many forward-thinking employers started replacing hustle-related terms like ‘can-do attitude’ in their job ads, with anti-hustle terms like ‘work-life balance’ to attract jobseekers.”
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⬤ Arriving seven minutes before an interview is scheduled to start is seen as the “sweet spot” for both candidates and potential employers. Robbie Bryant, a careers expert from the Open Study College, claims that arriving earlier is inconvenient for the interviewer if they are tied up in other meetings, while being late is a red flag. “Seven minutes is early enough to show you have good time management and it’s not too close to the interview slot to seem sloppy.”
⬤ More than one in ten British company directors are now past the state pension age of 67 and over 100,000 are older than 80. TWM Solicitors, a private wealth law firm, even found that 11,000 are aged 90 or above. Improved life expectancy means that many business owners are having to work longer to fund their longer retirements. “There’s now a very real problem of companies running into difficulties in the event their owner has medical problems,” Caroline Foulger, a partner at TWM, said.
Appointment of the week
The Secretary of State for Health and Social Care is looking to appoint a chairman or chairwoman at the NHS Counter Fraud Authority. It is a special health authority, responsible for tackling fraud, bribery and corruption in the NHS in England.
You will lead the board of non-executive directors and executive directors, holding the chief executive and finance director to account and sharing corporate responsibility for the decisions of the NHSCFA board and the performance of the organisation, including implementation of its strategy, stakeholder engagement and annual objectives to be approved by the secretary of state. The successful candidate will ensure sound governance, including robust and effective systems of financial control and risk management.
Applicants will need to show a portfolio of corporate governance, organisational skills and a demonstrable ability to develop positive organisational culture and values.
Remuneration will be £14,450 per annum for a time commitment of two to three days per month, for a maximum three-year appointment length.
Apply by Tuesday, April 16, at appointments.thetimes.co.uk
