Students concerned about mounting debt levels can consult a money doctor, of which there are many in over 70 universities across the UK, in order to help them limit their spending and stick to a budget.
The Financial Services Authority provides training for such consultants, a fact that director of financial capability with the organisation Chris Pond noted is part of the body’s “duty to help”, as “students today face bigger financial challenges than any previous generation”, the Daily Mail reports.
One such money doctor is Debbie Windsor of the University of Cumbria, who visits freshers’ fairs to promote the service, as well as offering introductory workshops. She observed that a lot of young people struggled to find work over the summer and more have applied for hardship loans.
Earlier this month, it emerged that, should the Conservatives come to power, it is likely that higher education fees will be increased from £3,000 to £7,000 – an indication that students may have greater need of money doctors in the future.
By Sarah Adie