The ever increasing waves of consequence throughout the economy have led to rents and other daily expenses increasing dramatically in relation to what they were a few years ago, leaving students feeling the pinch. UK students pay for their own tuition fees, as well as maintenance and living expenses. In recent days, the crescendo of calls for an increase to tuition fees have garnered much media attention and despite the possibility of a UK government subsidy scheme being introduced, current and prospective students are holding their collective breath. As far as rent is concerned, accommodation is said to have risen by about £20 per week from 2004, according to www.accomodationforstudents.com.
Students now have to do much more by way of saving money on non-essential goods and services. They also work far longer hours just to get by, some students even taking on a second job to make ends meet. The National Union of Students has expressed concern that having to work so many hours might have a negative effect on grades, something which would certainly not be of any help in an employment market which is becoming ever more competitive, another consequence of the crisis.
The picture for students from Gibraltar is certainly a bit rosier. The Department of Education and Training (DET) picks up the tab for tuition fees and pays an additional maintenance grant to all students studying abroad to cover part of a student’s living expenses, a bursary which does not need to be repaid. There are further flight and rail subsidies to try and help students out.
That said, and things clearly being far better for Gibraltar students through this credit crunch, there are a few things students can do to help themselves through these difficult times. Disposing of non-essential personal items like old CDs and DVDs on eBay can help to generate a little more income. A growing number of school leavers are also taking a gap year in order to save up some money for when they enter university. Taking a year out was, historically, an opportunity to travel and rack up even more debt before even so much as setting foot on a red brick, yet it is now being seen as a way to prepare financially for the years ahead. In addition, you’ll also be starting university a year later, the effect of which will be to push back your arrival on the job market a whole 12 months. Since there’s hope that the world’s economy will turn itself around in the next year to 18 months, you’ll be giving yourself the best chance of entering a friendlier job-seeking environment when you’re done studying. Another advantage of the gap year is that by taking time out to gain work experience in the field you’re looking to train for at university, you’ll be adding another feather to your cap and valuable kudos to your CV. It would seem then that there has never been a better time to take a year out.
Whilst you’re at it though and, of course, once you’re at university, you might want to cut down on socialising, eating and drinking out and other expenses you can do without. After all, what is the ‘student’ experience without a regular helping of good old, ‘old-school’ baked beans on toast? On a serious note, however, the student experience is an important one and the current turmoil should not detract from its value as a character building, even forming, experience. Keeping one eye on the future and minimising the debt you accrue during your studies will also help you get a good financial start when you eventually join the rat race! What’s clear is that by following a few simple tips, shopping around and applying just a little common sense, local students should continue to enjoy significant advantages over their UK counterparts, in many respects, for some time to come
ISOLAS is looking for candidates for its annual mini-pupillage scheme and is inviting applications from students undertaking legal studies either at university or postgraduate level. Students interested in this opportunity should write, including a CV, to Jonathan Garcia at jonathan.garcia@isolas.gi before close of business on June 19 2009.