Cream of the crop students feeling the core of the crunch
Feb 11th, 2009 by Jamie Bradley
For the majority of students, the strain of rising living costs are something that can easily be shrugged off with the help of a part time job and a few ‘happy hour’ drinks in the evening to wash any immediate financial concerns.
However, for students at Cambridge University, the recession has well and truly kicked in. Part time jobs are prohibited for its attending students, which means that any extra spending money mainstream students are entitled to earn are not attainable by Cambridge undergraduates.
Not only that but Cambridge students are obliged to reside in the on-site accommodation throughout the year and are expected to pay rent for those facilities, whether it would be more economically efficient to travel from home or not.
Assistant Bursar of one of the University’s on-site institutions, Magdalene College, believes that 2009 represents a financially “challenging” time for both students at the University and their parents.
“It must be tough for parents, mums and dads, losing jobs and with investments going down, etc.
“It’s very difficult for students in Cambridge to raise funds for themselves. They can do it in their vacations, but they’re not allowed to work.”
Accommodation facilities in the university and their monthly charges do vary, although some are much more financially strenuous than others. They range between £190 per calendar month to as much as £2,305, with the average cost for a one bedroom flat or apartment on campus costing in excess of £100 per week.
However, Peter does maintain that the university do everything they can to ensure that students are not deterred by the accommodation system so that they still have money to spend on living costs as well.
“There are a whole of series of bursaries and mechanisms to help people like that. We are very keen to get people from diverse backgrounds. We don’t care what your background is, if you’re clever enough then you can come here.
“Every year we do review our charges to students and have commercial activity within the college, so we do market ourselves as a conference venue.
“When students aren’t here, there are times when we can actually throw open the doors, get people in and charge them a commercial rent.
“It’s all about using that money to subsidise our core business which is looking after young people and their scholarship.”
Cambridge University recently set up a scheme in 2005 which would oversee them reach their target of attaining £1 billion in private investments and the latest figure to be divulged on the year of their 800th anniversary was an impressive sub-total of £800 million.
However, there are fears that the recession may negatively impact on the timescale that it will take to raise the remaining £200 million due to investor companies struggling with debts.
So, this can only come as bad news for students who will be attending the university in the coming years, as this uncertain form of investment is now as far from certain as ever, as the institution looks to support its undergraduates as extensively as possible.
By Jamie Bradley
