Recent research carried out by the National Union of Students (NUS Extra) found that financial pressures made almost three-quarters (71%) of Further Education and Higher Education students stressed and anxious about money.
Financial concerns are a prime factor in students dropping out of education, and a barrier to continuing education after school. Around a third of young people who do not participate in learning post-16 think they would have done so if they had more financial support.
Many students worried about the cost of travel, childcare, books and materials are also put off by the administration involved in paper-based applications for financial support, and others are not even aware of the finance available to them.
Enhancing student experience
The management, tracking, and reporting of student funding adds a significant burden to an institution’s administrative team. The use of spreadsheets and other in-house systems to track multiple payments means data is often stored in more than one location and is difficult to audit.
By removing the need for students to apply for funding via paper-based questionnaires, colleges and universities can improve the student experience, student retention, and reduce administration time and overheads.
Unlocking access to student finance
If you are looking to streamline your funding application and approval processes, track allocations and manage communication for both staff and students, find out more about the Support Funds module in UNIT-e.