Doleful tune that accompanies a harpist's career

Serafina Steer
Age: 19
Lives in: London
Occupation: Student
Earns: Few hundred pounds a year
Mortgage: None
Debts: One year's student loan
Investments: None
Pension: None
Aim: To get through music college without huge debt

Serafina Steer, known as Sefa, is a student with a talent for earning lots of money. She is studying the harp and is in demand to play at weddings and other functions. This summer she performed in a Radio 3 pre-Proms broadcast and won a harp fellowship for Dartington summer school: 'It was fabulous - and I much prefer it to waitressing.'

The problem is that playing the harp drains her energy and she is not particularly happy working at the same thing she does in college: 'If you play background music at a do for three hours, the last thing you want to do is go and practise for three hours afterwards.' So although playing the harp pays good money, she is likely to be earning less.

Sefa's second year at Trinity College of Music is going to be more expensive than her first: 'Last term I lived in a hostel, which was really cheap and I could pay all the rent at the beginning of term. But now I am going to be in a house and paying rent each month.'

She also wants to buy a car: 'It is impossible to do gigs without taking taxis, and that eats up the profits. I would like to save for a car; I need a rather large one to take the harp.'

Harps are expensive items. At music school in Manchester she borrowed the school's harp, but in the sixth form realised that she needed her own. So her mother, Clancy, set about fundraising. Sefa recorded and sold a demo CD which, with money from a couple of trusts and help from a fam ily friend, made up the £10,000 she needed. But that was just the start: 'Then you need insurance, trolleys, harp covers and servicing.'

Clancy is worried about her youngest child: 'Sefa will be studying for four years and, unless some miracle occurs for either her or us, will be embarking on a freelance career with a student loan debt of something in the region of £20,000, a thought which fills me with appalled horror.'

She is unable to help more: 'We are both freelance. My husband is a composer and I am a stage designer with my best earning years behind me.'

Sefa's studying may continue for some time longer: 'After this, I hope to do a postgraduate course and stay in education as long as possible because I am not sure how you make a living out of playing the harp. You can make good money just doing functions and weddings, but it is mind-numbing and I would prefer not to do it.'

The experience inspired Clancy to set up a trust to provide music students with money for instruments - the Cherubim Music Trust: 'There are no grants, so only the wealthy can afford this.'

Once the trust has charitable status, Clancy will be able to start fundraising, although charity rules would not allow Sefa, as a close relative, to benefit.

Adviser 1: Andy Whooley

Working during the holidays is an excellent way of keeping down debt, and Sefa has an advantage in being able to earn good money.

I'm impressed by her willingness to consider other work, and doing 'something different' during term time might give her a better break.

Work in a bar or a fast food outlet can help build a good CV, developing interpersonal skills and experience managing people.

Sefa should check with her Local Education Authority that she is receiving all the funding she is entitled to. Even students who expect no help with tuition fees should apply, otherwise they could be charged more than the maximum tuition fee contribution. She should organise an authorised overdraft with her bank, consider applying for another student loan and search out any educational trust funds, charities or bursaries that may be able to help.

Scholarship Search UK helps students search for scholarships and sponsorship, but competition is fierce.

She should think carefully about buying a car. The costs must be weighed against the increased earning potential from doing more gigs.

Would she perhaps be able to persuade a friend to put her on their insurance, so she could borrow their car on the odd occasion?

Andy Whooley is a student adviser at the Liverpool university branch of NatWest.

Adviser 2: Sian Evans

Sefa should limit her borrowing to a few sources, as spreading debts too much makes it difficult to keep track of them. Also, she should be cautious about how much money she borrows on her overdraft, even if it is interest-free. Visiting the cash machine only once a week helps keep track of how much is being spent.

It is a good idea to get loan money paid into a savings account and then transfer bits to a current account, perhaps every week or month; this helps to budget and spend within means.

Sefa should have monthly bank statements sent to a term-time address, as this will enable her to keep a close eye on her budget. She should keep a check on the activity in her account to ensure bills are paid on time. This keeps finances up to date and avoids interest charges and fees.

Owning a car can be expensive, so Sefa should think about this carefully. Taxis may work out cheaper if she uses them only occasionally.

Budgeting is key to managing finances - use the Barclays Budget Planner on the Ucas website. Once Sefa has worked out how much she has to live on each term, she will see where her money goes, where she can cut expenses and how much she needs to earn from a part-time job.

Sian Evans is manager of student and graduate banking at Barclays.

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