300,000 students in UK affected by lack of financial support
With inflation rates being the highest in 40 years, many students are struggling to make ends meet. Rent and groceries have never been more expensive, and it is expected to increase even further.
This is a result of the larger UK economic crisis, which has seen the value of the pound fall to record lows. The various causes include Brexit, the ongoing war in Ukraine, and the lasting effects of the COVID-19 pandemic.
Prime Minister Liz Truss has promised to improve the financial situation across the UK, but this is a long-term goal which is expected to take a few years before we see the results.
How bad is it?
A survey by Save The Student found the following information:
- Living costs have increased by 14% since 2021.
- Students are expected to pay up to £1,000 per month.
- The average Maintenance Loan is around £400 too short.
- 82% of students worry about supporting themselves.
- 4 in 5 students have considered quitting university.
What is being done to help?
This week, Queen's University Belfast has decided to spend up to £8 million on supporting their students. Every student is expected to receive between £150 and £400 in January 2023. This was a decision made by the university itself, although it is hopeful that other institutes might follow their example.
Experts have called on the UK government to increase the value of grants and loans, as well as better access to these services for all students. The Scottish government has contributed £16 million to support its students across the country, but it remains to be seen if England will provide similar support.