We may pay more for our degrees than any previous generation, struggle to find decent uni accommodation and face long waits for those interest-heavy student loans, but that hasn’t stopped another respected academic having a go at students, this time over so-called “extravagance.”

Professor Kevin Sharpe, 60, an expert in renaissance studies at Queen Mary, University of London wrote recently in the Times Educational Supplement of  his shock at the differences between his time at university and the more sophisticated experience enjoyed by students today. 

Prof. Sharpe’s days in digs with carpets “held together by accumulated grime” are in sharp contrast to today’s well-equipped student pads that offer “richer pickings to burglars than normal domestic residences, including those of most lecturers.” 

Eagle-eyed Prof. Sharpe also noted students buying food in M&S, “making mobile phone calls at peak times” and consuming “four or five cappuccinos at nearly £2 a time, along with freshly squeezed O.J. and smoked salmon sandwiches,” suggesting that today’s students also have an greater bladder capacity than their frugal forbearers.   

Figures offered by Keith Houghton, Head of Kingston’s Student Funding Service, back up Prof. Sharpe’s concerns, with a sharp rise in the number of KU students seeking advice on debt – up from 66 for the 2007/08 academic year to 104 for 2008/09. 

“One student came to us for help after spending her entire loan on furniture for her room in halls, even though it was fully furnished.  Quite often a student in this sort of scenario has never had access to a large sum of money before, so they may not have the necessary skills to manage it.”

Mr Houghton warns that the Student Funding Service is unable to provide quick-fixes to money problems, saying:

“We would instead advise part time work, keeping a spending diary and looking to see if the student is eligible to apply for any further funds, such as the Access to Learning Fund or any charitable trusts.  We do not offer hardship loans to those in the red – further borrowing is not an option to get out of debt. We also try and work out if there are any issues underlying the high level of spending – and where appropriate refer students for counselling.”

This week RiverOnline staked out the canteen at Penrhyn Road to investigate the spending habits of individual Kingston students and see whether they’re concerned about the long-term effects of their extravagance. 

Construction student Sanjay Perera [26] enjoys having money, saying:  “I’ll go shopping in M&S the week I get my loan in.  The cheaper places are for when it runs out.” 

Asked about what happens when the funds do dry up, Sanjay shrugged and said:  “I'll cross that bridge when I come to it.”

Although Criminology students Sam Ischt-Lipscombe [19] and Marie Boucher [26] tend to shop in cheaper supermarkets, Marie professed to a fondness for Waitrose, saying:  “I go in once or twice a week.  The food’s lovely.” 

Similarly, the pair enjoyed eating out and clothes shopping:    

“We eat out two or three times a week,” Said Marie.  “We’re students – everyone does.” 

The girls cited Frankie and Benny’s, Nando’s and Jamie’s Italian as preferred dining spots and flagged up peer pressure a reason to spend money on clothes, with Sam saying:

“Uni’s like a fashion show.  You don’t want to turn up to class – or Oceana – looking rough.”

Asked why they spend recklessly, Marie said: “As long as it’s our own money we’re spending, I don’t see what the problem is.  We’re going to have to pay it all back anyway.” 

Computer Science student Sam Williams [21] indulged in a classic student splurge with the arrival of his latest loan installment:

“I’ve just bought a new MacBook, but I really need it for class.  There’s no point in worrying about loans yet – the debt goes down gradually after you’ve finished uni and your earnings start to improve.”

 Sam also cited a friend with “Four different student bank accounts – all of them overdrawn to the max,” as evidence of his own relative prudence. 

Professor Sharpe may bemoan the lack of common sense amongst today's students, but RiverOnline came across many students with a more cautious attitude to money:

18 year-old Computer Science student Chris Smith said:

“I like to keep an eye on my cash.  I don’t go out too often, try to eat at home as often as possible and only socialise when I can afford it.  I’d still say I’m having fun, but it feels all the better for not having to worry about a big debt when I get finished.”

Dev Shavha, a 19 year-old Construction Management student is similarly careful when it comes to treats:

“I’ll have the odd kebab, but other than that I try and keep an eye on my finances.  No-one wants to end up broke.”

20 year-old Film student David Akopyam admits to being highly-focused on his work and sees debt as a barrier to independence:

“I treat myself to the odd cheesecake in Waitrose or Sainsburys.  Other than that, I’m just spending as little as possible.  I want to have a job as soon as I graduate so I can stop asking my parents for money.”

Pharmacy student Jide Oklalinka [23] feels that students studying tough subjects don’t have enough free time to lavish money on themselves. 

“I’m generally very sensible when shopping for food and clothes, although I do allow myself the odd blow-out when I’ve been working hard.  People who gloat about spending nothing are going to end up in some kind of debt – it’s unavoidable at uni these days.  As long as you keep focused on work, the odd treat is fine.”