Earlier this week, the government announced that Student Finance England (SFE) maintenance loans for university students will only increase by 2.8 per cent to combat the above 10 per cent inflation for 2023/24.
This comes off the back of 2022/23 in which maintenance loans increased by just 2.3 per cent against the approximately 10 per cent inflation for the UK cost of living.
The government have also confirmed plans to invest £15million into university hardship funds. However, this only amounts to £8 per person across the roughly two million undergraduate student numbers.
Tom Allingham, Save the Student’s money expert said: “The 2023/24 maintenance loan rates are a devastating blow to struggling students, who will now see their battle with the cost of living crisis intensify next year.”
A 2022 national student money survey found that the shortfall between the average maintenance loan and the average cost of living is now £439 every month – an increase of £99 on 2021, and £216 on 2020.
Tom continued: “With Universal Credit and State Pension rates both rising with inflation, and students unable to benefit from the vast majority of the government’s extra cost of living support, this is yet another example of those in power willfully ignoring the needs of young people in higher education.“We’re calling on Robert Halfon, Minister for Higher Education, to urgently review this decision and increase maintenance funding above and beyond the rate of inflation to account for years of insufficient growth.”
Lead Image: Alexander Grey (Unsplash)