As the credit crunch forces students to sacrifice grades to stay solvent, the SoR is offering members free financial advice.
A National Union of Students (NUS) survey has found 46 per cent of students who work during term time are forced to do so because their basic living costs exceed their loans.
Funded by HSBC, the 2008 survey also found 45 per cent of working students admit that this work is having a negative impact on their studies.
NUS Vice President for Higher Education, Aaron Porter, said: “It is clear from this report that financial support is inadequate for many students. With a recession looming and basic living costs set to rise, this situation is going to get even worse.”
At the same time, SoR statistics show that up to 30% of the membership are struggling to repay debts. In response the SoR has formed a partnership agreement with the UK’s leading debt charity, Consumer Credit Counselling Service (CCCS).
Under the terms of this partnership, all members of SoR have access to CCCS services, and will be helped to use the CCCS Debt Remedy campaign. The campaign advises people with debt problems on how to take control of their finances.
Richard Evans, the SoR’s CEO, said: “By partnering with CCCS, SoR is able to provide a trusted service which will ensure members are guided in the right direction and offered appropriate solutions when they need them most.”
Commenting on the partnership CCCS, chairman Malcolm Hurlston said: “Given the increasing pressures on student budgets, this is a timely initiative by the SoR. Increases in everyday living costs combined with the rising living costs mean that more people will need help with managing their money better, as well as dealing with debt.”
The constant advertisement of fee charging organisations makes it difficult for individuals already overwhelmed by the pressure of trying to meet their financial commitments, to make the right choice about where to turn for best advice.
Members of the SoR experiencing debt problems should contact CCCS as soon as possible.
• The CCCS specialist online Debt Remedy counselling service, is available 24 hours a day every day, while members can talk directly to fully trained, expert counsellors on a free-phone helpline, 8am to 8pm Monday to Friday. Telephone: 0800 138 1111.
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