Financial advice for students

WU students may need financial advice, for example:

1. They need a plan to pay tuition.
2. They might have substantial travel costs to do WU studies.
3. They might have reduced income due to substantial time away from work to do WU studies.
4. They might have experienced unexpected changes of circumstances resulting in extra costs (e.g. loss of employment, family member dies, sickness, moving house).

The local cohort coordinator is the person closest to students on site, and is normally the best person to give advice.

Ethical guidelines

1. Work within your limits when giving advice, and do not give advice on topics where you have no expertise.
2. Do not promise to help in ways outside your role. For example, do not offer personal loans to students.
3. All discussions are confidential.
4. Ask for advice if you need it.

Specific issues that can be addressed

1. Should the student take on part-time employment or move jobs?
2. Does the student get tax deductions or credits for eligible educational expenses?
3. If the student pays fees, can the student set up a plan to defer tuition payments?
4. Has the student minimized their loans? Does the student have loans beyond the ability to repay? (E.g. credit cards, mortgage.)
5. Explore scholarship opportunities with the student, especially through their local church. The church might be more generous if it can see that it gets practical benefit from improvements in the student’s ministry.
6. Help the student to evaluate their income and expenditure, write a personal budget, and keep to it.
7. Is the student paying late fees? Help students to submit any applications before their deadlines.
8. Does the student have habits such as impulse buying?
9. Does the student take advantage of student discounts?