Keep calm and carry on: debt must not lead to disaster
The funny thing about the recession is that we, as students, find it difficult to get worked up about it.
Yes, we know that when we leave this educational bubble it will be near impossible to find a worthwhile job or a place to live. It appears we will supposedly be paying off our parents’ debt for years to come, but still it seems separate from the world we occupy within the university walls.
How wrong we all are. The University of York is in a considerable amount of debt, which in this economic climate essentially means it is pretty much financially doomed. We have already seen a shocking number of porters and cleaners cut, and in conjunction with the rise in meal prices this term, it seems the University is fixated and insistent on boosting its finances, seemingly at the cost of the student body.
It is unfortunately about to get even worse. Come next May, we are undoubtedly going to be greeted by the grinning face of David Cameron as he moves his furniture into 10 Downing Street. And as we all know, a Conservative government can mean only one thing: a radical cut in public spending.
The consequences of even a small cut in the University’s income will have a serious impact on both present and future students. It would mean even more international students being accepted as a way to boost cash flow, and could lead to the number of students, and courses, being cut.
Unlike other universities that are several centuries old, York doesn’t have many old, aristocratic alumni who continue to donate millions, even after they’ve died. As a relatively new university, it is only due to very careful spending that it has progressed into one of the top universities in the country, a position that is becoming increasingly precarious.
It may seem far too early in the term for such apocalyptic pronunciations, especially coming from the mouth of a naïve and rosy cheeked fresher, but if we are already feeling the impact now, how will it be in a year’s time?
As a university, York is renowned for the quality of its research, topping the field in areas from English to Psychology, but without the funding needed, how can such a position be maintained? We may soon find ourselves having to paddle across the toxic, poisonous lake to get to the Exhibition Centre as there is no funding to maintain the bridges, or strapping on our scuba gear in a crumbling Central Hall as it slowly sinks into the murky water.
What is most worrying is that as the University’s income gets less, they start charging us more. A rise in tuition fees is already on the cards, and with a new Conservative government waiting in the wings, it may come sooner than we all expect. Come this time next year and we may find ourselves in more debt than the University.
Nonetheless, there is no need to start tearing our hair out just yet. For a non-red brick University that has been around for less than half a century, its high status in teaching and research is all the more impressive. It shows a true resilience and strength that could help York weather the storm of the financial crisis, and come out all the better for it. You could even argue that it is tough times like these that help define the history and values that an institution such as York represents.
Cuts are certainly inevitable, but as students we are all used to a bit of hardship, so it is nothing we can’t all handle. And the truth is, as dramatic as these dour financial predictions sound, it is unlikely they will have any real impact on the university experience as a whole.
Yes, we may need to stop splashing out on that tempting Wispa Gold every time we pass Costcutter and pasta may have to feature more regularly in our meals than we would like, but the likelihood is you will still leave this place with the greatest friends and memories of your life. And that is what they call a silver lining.
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