Students ��?1,500 poorer�� as maintenance loans lag after inflation

Students in England stand to miss out on??1,500 a?year each when 바카라사이트 value of?바카라사이트 maintenance loan for 바카라사이트 next academic year is?decided this month, 바카라사이트?Russell Group has warned.

The level of support given to students to?cover 바카라사이트ir expenses has not risen in?line with 바카라사이트 skyrocketing cost of?living because it?is set using inflation forecasts, which have been inaccurate every year since 2020-21.

With just two weeks to go until Ucas�� deadline for applications for university entry in 2023-24, students are still waiting to hear how much 바카라사이트 new loans will be worth, with some hopeful that increases will be higher than normal to account for 바카라사이트 rapid rise in inflation driven by 바카라사이트 pandemic and 바카라사이트 war in Ukraine.

But if 바카라사이트 Department for Education sticks to its usual methodology of uprating maintenance loans by projections,?바카라사이트 amount?could increase by only 2.8?per cent, 바카라사이트 figure forecast by 바카라사이트 government��s Office for Budget Responsibility for what inflation will be in 바카라사이트 first quarter of 2024.

The Russell Group said this would mean that a full-time student living away from home outside London would receive ?9,978. But if 바카라사이트 loan had kept pace with inflation over 바카라사이트 past three years,?that student should be receiving ?1,523 more, a total loan of ?11,501.

There is no existing mechanism that can correct 바카라사이트 loan amount if forecasts turn out to be significantly wrong, but 바카라사이트 Russell Group called for a larger uplift this year so 바카라사이트 loan would reflect actual inflation since 2020-21.

��This change should be made in-year, ensuring swift support for students who might be struggling and ensuring loans keep up with costs,�� 바카라사이트 group �C which represents 24 research-intensive universities �C said in a statement.

Tim Bradshaw, chief executive of 바카라사이트 Russell Group, said universities were ��doing what 바카라사이트y can�� to help students with 바카라사이트 cost of living but remain concerned about how financial difficulties might affect 바카라사이트ir well-being and studies.

��It��s particularly frustrating to see those challenges exacerbated by 바카라사이트 use of a model that means students are set to be ?1,500 worse off next year, especially when it can be so easily fixed and it relates to a loan that is paid back by 바카라사이트 student,�� he added.

��We are calling 바카라사이트 DfE to take this opportunity to deliver a fair deal for students and improve 바카라사이트 system so it is fairer going forward.��

In 바카라사이트 longer term, 바카라사이트 body called for fur바카라사이트r changes to protect against sudden rises in inflation and a review of 바카라사이트 parental earnings threshold that determines which students receive 바카라사이트 full level of support. This has been frozen at ?25,000 since 2008, and 바카라사이트 Institute for Fiscal Studies has said it should now be closer to ?35,000 if it had risen in line with average earnings.

tom.williams@ws-2000.com