Financial support for poorer students to fall to its lowest level in seven years, analysis shows
That’s according to the Institute for Fiscal Studies, which says maintenance loan payments are not keeping up with the rise in inflation, meaning students’ cash is being made to go much further than before.
Students from the poorest families face a loss of £1,200 next academic year – around £100 a month.
The analysis also shows that students working on minimum wage would likely earn more than those in receipt of maintenance loans.
National Union of Students president Larissa Kennedy said that the student cost-of-living crisis was pushing students “to the brink”.
“We’re hearing from students who are working three jobs to make ends meet, who can’t even afford to travel to their university library, and who are cutting back on cooking food due to spiralling energy costs,” she said.
“Our research has shown that thousands more are relying on foodbanks and buy now, pay later loans from companies like Klarna.”
“Students aren’t cash cows. We are at breaking point, and we’re desperate for something radically different,” she added.
A Department for Education spokesperson said: “We have increased maximum grants and loans for the next academic year to help protect students from the rising cost of living.
“Students from the lowest-income households have access to the largest ever amount of support for their living costs in cash terms, and we have asked the Office for Students to protect the £256 million available to support students.
“This is in addition to the £144 million the government has made available to help people on low incomes which many students will be able to access, and on top of universities’ own hardship funds.”