Research from the University of London's Institute of Education has found that graduates from elite universities are four times more likely to earn the highest salaries. Close to 20% of graduates from top universities from the mid-1990s earn over £90,000 per year, compared to just 5% from former polytechnics. It was also found that 33% of the elite university graduates surveyed own their home outright, compared to 21% of other university graduates, and 13% of non graduates. 51% of state school students and 35% of independent school students believe that graduate earnings are uninfluenced by their choice of higher education institute. This is leading to many students still not aiming for the highest universities.
Fees rising faster than inflation
Universities and colleges in the UK are putting up fees for international students faster than inflation, charging up to £650 more this year, according to new figures. Universities charged international postgraduates in arts subjects £9,858 on average this year; an inflation-busting rise of 5.2% on last year's £9,373. In science subjects, the fee rise is £11,245 in 2008, compared with £10,591 last year. The increases come on top of fees that are already inflated for international students, and 25% of overseas students have complained they get poor value for money from UK universities.
Second degree funding cuts
MPs on the Commons University Committee have condemned the Government's controversial policy of cutting £100m for 'second-chance' students. The decision to cut the state funding universities get to subsidise the fees of students on courses equivalent to or lower than qualifications they already hold was termed 'insufficiently justified.' From 2008-09, these students could see their tuition fees increase by 200%.
Dirty money
Student support payments to prisoners, which have topped £500,000, have been suspended by the Government. The Universities Secretary, John Denham, said the payments, which have been going on for the last 10 years, were 'unjustifiable.' Mr Denham has laid down amendments to the education regulations - which will outline who is eligible for student support, and the method by which students can access it - to ensure offenders no longer receive loans and grants for maintenance while they study. Around 590 prisoners currently study on part-time distance learning courses, usually provided by the Open University, but a small number study full-time at higher education institutions while on day release.
Data protection hinders students
Up to 12,000 of the poorest students missed out on bursaries worth on average £1,000 each last year after data protection laws stopped their universities contacting them, a watchdog has revealed. Institutions are being asked to track down the unpaid students and hand out the bursaries retrospectively, according to the Office for Fair Access. The students who missed out had failed to tick a box on their loan application form which allowed the Student Loans Company to share their data with their university - a trigger qualifying them for a bursary.
Charity partnership to help students manage money
Two leading UK charities have teamed up to help young people find their way through the money maze without ending up out of pocket and deep in debt. Citizens Advice and YouthNet are working together to provide money advice to 16-25 year -olds online, via podcasts, audio content and mobile phones. The project will help to ensure they're in a better position to manage their money. As well as helping with basic budgeting skills, the pioneering three year project will help students compare credit cards and understand what a loan might mean for them.
Information on money issues will be hosted in the 'Money' section of YouthNet's young people's website www.thesite.org.
Save a third on train tickets
Independent train booking website Raileasy.co.uk is helping travellers save almost a third on the cost of rail tickets, compared to the cheapest on the day prices. Raileasy was set up in response to research findings by the rail consumer watchdog that the fare system is confusing and puts obstacles
in the way of passengers, preventing them from getting the best deal. The site is designed to simplify the fare structure and encourages rail users to buy in advance to get the cheapest ticket.
Thousands of debt-ridden students across the country are selling their skills online to make ends meet, says online marketplace SetYourRate.com. Students are harnessing their academic training to offer services like language tuition and IT assistance, in addition to using their hobbies like salsa dancing to supplement their student loans. Bar jobs are dipping in popularity as more students make use of their own skills to help others and earn some extra cash at the same time.
WealthyStudent.co.uk, a financial advice site for students, is poised to challenge student debt. They are launching a formal challenge to the Government's policies on student loans and top-up fees, whilst also offering money advice on the site. Steve Burford, a Southampton Solent University student, has launched the site in response to an overwhelming determination to rid British students of debt. The site provides practical advice and creative ideas to help students save and make money. It provides a wealth of information for students to survive at university and has a regular competition to make two students richer each month. WealthyStudent.co.uk also gives away a free e-book that is designed for students to get in the right mindset for success after university.
Graduates from top universities earn more