291 student years are lost queuing to pay for fees

UK students could be losing up to a combined 291 years queuing to pay tuition and accommodation fees according to Bacs, the company behind Direct Debit and Bacs Direct Credit.

Students surveyed* revealed that they spent 67 minutes on average queuing to pay fees by cheque at the beginning of each term. Across the student population of the UK**, that’s nearly 154 million minutes, 26 million days, 155 thousand weeks or 291 years!

Bacs advice on using that extra 67 mins in the first week of term:

1. Get to know your flatmates – you’re going to be spending the next year or so with them!
2. Using Bacs Direct Debit to keep your finances under control means you’ll have the budget to shop – and create a whole new image for your new student life!
3. Join a sports team – keep your mum happy and avoid putting on the fresher’s stone!
4. Watch the daytime TV you’ve missed out on for years but will soon discover you can’t live without! Avoid being caught out without a license by getting mum to set up a Direct Debit to pay for it!
5. Go down to the student union and ask about part time jobs in uni – make money AND friends, you’d be a fool not to!
6. Find out what’s on in fresher’s week – there’s bound to be trips and activities to keep you busy and you definitely don’t want to miss the fresher’s fair
7. Head for the uni bar and become acquainted with the surroundings – you could spend your extra 67 minutes there (like your visit will be that short!), secure in the knowledge Direct Debit has helped you to budget for it!
8. Catch up on your sleep for all those early morning lectures
9. Learning how to cook a fabulous dinner for your flatmates will score you major friendship points AND keep you away from beans on toast!
10. You could be in the library, discovering that you can rent out DVDs and videos for free!
11. Maybe you could be studying - but that’s a last resort!

Help is at hand, in the form of Direct Debit. This tried and tested, reliable payment method is a simple way to ensure vital university fees are paid every time on time. In fact in 2005 Bacs processed almost half a million transactions*** in university fees alone. Direct Debit can also help students or parents spread the cost through paying fees by regular installments. All that’s needed is five minutes to set the transaction up and an additional five minutes each month to ensure the customer is happy with the money collected from accounts and the date collected.

For freshers to Direct Debit, Bacs recommends using the following Direct Debit Do’s:

1. Ensure that the amount collected from your account each month is correct and tallies with your billing statements
2. If you have a job to fund your way through university, set up your preferred payment dates for just after you have been paid so you know there are enough funds in your account
3. Know your rights – the consumer has the right to cancel a payment and each Direct Debit is protected by the Direct Debit Guarantee. Further advice can be found at your rights

Michael Chambers, Managing Director of Bacs, said: “In your first week at university every minute is precious! We wanted to emphasise just how much time UK students are wasting queuing to pay essential fees. In addition to saving time, Direct Debit can help with money management for those taking control of their finances for the first time. It allows the flexibility of paying in installments and encourages a check of bank balances and financial transactions. Plus, for many bills paying by Direct Debit attracts a discount! Very simply, for the sake of saving students across the UK 291 combined years, we wanted to raise awareness that there is an easier way to pay!”

For more information about Bacs and our services visit Bacs key facts.

Contact Bacs press office.

Notes
*In July 2006, Bacs surveyed a sample of students from universities around the country regarding the length of time taken to pay tuition fees.

**2,287,540 as quoted by the Higher Education Statistics Agency [HESA].

***Figure provided by Bacs Market Information team

Back to 2006 press releases             Back to press releases