This is a guest blog from IDP
The rising cost of living is one of the most urgent challenges facing students today. From accommodation to travel and food, the financial demands of higher education are increasing – and for many prospective applicants, this could become a barrier to progression and success.
As professionals working in student recruitment, outreach, and widening participation, HELOA members are on the frontline of this issue. In response, IDP has developed the Student Cost of Living Calculator, powered by student review site, Whatuni. This free tool provides prospective students with a personalised, realistic breakdown of university living costs, based on their location and lifestyle.
Bridging the Financial Awareness Gap
Findings from IDP’s Cost of Learning Survey highlight the urgent need for earlier, clearer financial guidance:
● Only 39% of students said they received financial planning advice from their school
● Yet 89% expect universities to provide this support
● And 62% wish they had received better budgeting advice before starting university
While tuition fees are often a focal point, it’s the everyday expenses – rent, utilities, groceries, travel – that frequently take students by surprise. These unanticipated costs can have a serious impact on student wellbeing, retention, and academic performance, particularly for those without financial support networks.
The calculator supports students by helping them understand how far their income (from loans, part-time work, or family contributions) is likely to stretch. It enables students to compare options, make informed choices, and enter university better prepared and more confident.
Supporting Informed Choices – Earlier
A key strength of the calculator is its role in shifting financial education upstream, embedding it in the pre-application and decision-making stages. This tool empowers students to assess costs at the point when it can truly influence their decisions.
This approach aligns with growing sector-wide concern around financial literacy. Reports from the House of Commons Education Committee, the Centre for Social Justice, and data from organisations like NatWest and Blackbullion all point to a need for more structured, earlier intervention.
Upcoming Webinar for HELOA Members
To help members embed financial guidance into their work, IDP will be hosting a dedicated webinar on student cost of living and financial education.
The session will cover:
● Insights from the Cost of Learning Survey
● A walk-through of the calculator and its use in outreach
● Practical strategies to support students with financial planning
13 May 2025, 3pm – 4pm
IDP Insights: How Financial Readiness Shapes the Student Journey
Join IDP as they chat with you about their new Student Cost of Living Calculator, the impact of poor financial planning in school education and universities can make a difference in the student recruitment journey.
IDP is committed to collaborating with schools, universities, and sector organisations to ensure students are equipped not only to attend university, but to thrive there. For the HELOA community, the Student Cost of Living Calculator represents a practical, accessible tool to support better guidance, increased confidence, and informed decision-making among the students you work with every day.
Access the Student Cost of Living Calculator
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