Ahead of Friday’s mini-budget, the research-intensive Russell Group of Universities called for an immediate increase in maintenance loans in line with current inflation, as well as an increase in hardship funding aimed at those most in need. The call from the group of top 24 universities came as a survey showed that the average student’s maintenance loan is now £439 short of meeting their living costs each month, up from a £340 shortfall last year. The National Student Money Survey 2022, which is run by Save the Student – a website that advises students on how to make their money go further – and is based on a poll of 2,300 university students, found four in five (82%) students worry about how they will make ends meet, up from 76% last year. One in 10 of those who took part claimed to have used a food bank in the last academic year. A second-year student at the University of Chichester told the survey: “With the prices of everything going up at the moment, I find it hard to stay positive about life.” A first-year student at the University of Surrey said they ran out of food to afford the rent. Jake Butler, money expert at Save the Student, said: “This is the most worried I’ve ever been about the financial situation facing students. In a decade of conducting the National Student Money Survey, this year’s findings are grim. And we expect much worse to come.” Despite near-double-digit inflation, the loan that students can access for supporting living expenses has only increased by 2.3% for 2022/23, according to the Russell Group, which also points out that parental income limits which used to calculate maximum loan amounts have remained static since 2008. Dr Tim Bradshaw, chief executive of the Russell Group, said: “As the Government sets out the emergency budget to help those struggling with the cost of living crisis, it is vital that students are not left out of the conversation. “Our members are reporting increasing numbers approaching them with financial concerns. While universities are stepping up support ahead of the start of the new term, including boosting financial aid, there is an urgent need for more help.” Archie Bland and Nimo Omer take you to the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain information about charities, online advertising and content sponsored by external parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and Google’s Privacy Policy and Terms of Service apply. In the longer term, the Russell Group also called for the reintroduction of means-tested maintenance grants for students who need them most. The National Union of Students’ higher education vice-president Chloe Field said: “It’s shocking, but unfortunately not surprising to see this research. NUS research has shown that students face a huge crisis – low-paid precarious work, loans that don’t rise with inflation and poor housing they can’t afford – and it’s having a huge negative impact on mental health. We need an emergency student support package for every person studying and we need it now.” A Department for Education spokesman said maintenance loans are increasing every year to support students with living costs, meaning disadvantaged students now have access to the highest amounts of cash ever. “We understand that global inflationary pressures are squeezing household finances and people are worried about meeting the basics, which means disadvantaged students now have access to the highest amounts of cash ever. “Students who are worried about coping should talk to their university about the support they can access. This year universities can boost their hardship funds by drawing on up to £261m which we have made available through the Office for Students.’
