What is a Student worth?

The monetary value of a student to a UK university can vary depending on factors such as their level of study, the course they are undertaking, and the location of the university.

However, things run a little deeper than that. We know how much value each student brings in, but what (as an institution) can you do to protect them from dropping out? Here are some key points to consider:

• Domestic undergraduate students generate a total of £27,750 in tuition fees over the course of a typical three-year degree, with the government potentially providing additional funding of up to £9,000 per year. This means that each domestic undergraduate student could be worth as much as £54,750 to their university.
• Postgraduate students are generally worth even more to UK universities than undergraduate students, with tuition fees typically higher than undergraduate fees and no government funding available. For example, a one-year Master's degree at a UK university could cost up to £20,000.
• International undergraduate students can expect to pay between £15,000 and £30,000 per year, depending on the course and institution. Over the course of a three-year degree, an international student could generate between £45,000 and £90,000 in tuition fees alone, making them significantly more valuable to UK universities than domestic students.

All-important sources of income need protection to maintain the financial sustainability of your university. Currently, students are experiencing inflation that is higher than the national average. Living costs have seen a 14% increase since 2021, with the average student's maintenance loan falling short of covering their living costs by £439 every month; 82% of students are now worried about making ends meet.

Four in five (82%) have thought about dropping out of university at some point. This includes 52% who have thought about dropping out due to money worries.

To maximise retention, providing an environment that facilitates academic success is imperative. Here are some essential tips to consider:

Financial Aid and Scholarships: Offer financial aid and scholarships to students who may be struggling to make ends meet. This can include providing assistance with housing, food, and other basic necessities and tuition waivers or reduced tuition fees.

Academic Support Services: Provide academic support services, such as tutoring, study groups, and academic advising, to help students stay on track with their coursework and succeed academically.

Mental Health Services: The other most common reason for considering dropping out of university was related to mental health, which was expressed by 60% of students. Offer mental health services to students, such as counselling and therapy, to help them cope with the stresses of university life and ensure they have the emotional support they need to succeed academically.

Career Services: 45% of students have said they are not confident about finding work after they graduate. Have services to help students prepare for the job market and find employment after graduation. This can include providing resume and interview preparation, networking opportunities, and job placement assistance.

Flexible Scheduling: Can you offer flexible scheduling options, such as evening and weekend classes, to help students balance their academic responsibilities with work and other commitments?

Internship Programs: Research potential internship programs to give students real-world experience in their chosen field of study. This can help students build their resumes and gain valuable skills and experience that can help them succeed in their careers.

Student Engagement:  64% of students said their social life had suffered due to the cost of living. Create opportunities for students to engage with each other and the university community. This can include student clubs and organisations, social events, and volunteer opportunities, which can help students feel connected to their university and more motivated to complete their degree.

Faculty Engagement: Encourage faculty to engage with their students and provide mentorship and guidance. This can help students feel supported and motivated to succeed academically.

By providing a range of support services and creating a supportive and inclusive environment, you can help your students navigate the challenges of university life and successfully complete their degree programs. By giving your students the tools to succeed, you can help to sustain such an important source of income and use that to grow and improve your institution.