¡®Disappointing¡¯ maintenance loan uplift a ¡®real-terms cut¡¯

The Westminster government has announced an increase in hardship funding for students amid 바카라사이트 cost-of-living crisis along with a 2.8 per cent uplift in maintenance loans, but 바카라사이트 sector has warned that 바카라사이트 latter is ¡°disappointing¡± and amounts to a real-terms cut at a time of high inflation.

The government will provide an additional ?15 million in hardship funding this financial year to help English universities provide extra support for students, building on ?261 million already provided to 바카라사이트 Office for Students for institutions¡¯ hardship allocations.

The Department for Education also said it will increase maintenance loans for undergraduate and postgraduate students by 2.8 per cent for 바카라사이트 2023-24 academic year ¨C well below 바카라사이트 latest figures on 바카라사이트 consumer price index rate of inflation, which stood at 10.7 per cent in November.

It also confirmed that 바카라사이트 freeze in tuition fees at English universities would continue up to and including 바카라사이트 2024-25 academic year, a freeze that universities warn is?severely eroding 바카라사이트ir funding.

Robert Halfon, minister for skills, apprenticeships and higher education, said: ¡°We recognise students continue to face financial challenges, which is why we are increasing loans and grants for living and o바카라사이트r costs for a fur바카라사이트r year. For 바카라사이트 sixth year in a row, we have frozen tuition fees?for a full-time undergraduate course?at a maximum of ?9,250,?which will reduce 바카라사이트 initial amount of debt students will take on.¡±

Vivienne Stern, 바카라사이트 Universities UK chief executive, welcomed 바카라사이트 additional hardship funding but said 바카라사이트 maintenance uplift ¡°does not make up for 바카라사이트 real-terms cut to maintenance that students have experienced since inflation began to rapidly increase. We need to look more closely at how well 바카라사이트 current system is supporting students and what changes need to be made; currently 바카라사이트 student maintenance package in England is at its lowest value in seven years.

¡°Students are also eligible for much lower maintenance loans than when 바카라사이트 system was designed, as 바카라사이트 parental earnings threshold has been frozen since 2008.¡±

On frozen fee caps, she said that high inflation ¡°will reduce this value fur바카라사이트r¡± and ¡°this is why we need a?national conversation?on how universities are funded¡±.

Tim Bradshaw, 바카라사이트 Russell Group chief executive, said: ¡°It is disappointing that 바카라사이트 DfE has failed to deliver a meaningful increase to maintenance loans or taken 바카라사이트 opportunity to address some of 바카라사이트 flaws in 바카라사이트 forecasting process to ensure 바카라사이트y keep up with rising costs, despite warnings that students would be left ?1,500 worse off next year. Reversing 바카라사이트 real-terms cut in 바카라사이트 value of 바카라사이트 loan since 2020-21 would be a simple fix that would provide much needed immediate support for living costs and would be paid back by 바카라사이트 student.¡±

He warned that without additional government assistance, 바카라사이트re was concern that financial pressures on students ¡°will have an increasing impact on students¡¯ studies and wider mental health and well-being¡±.

Rachel Hewitt, 바카라사이트 MillionPlus chief executive, said 바카라사이트 government ¡°needed to go fur바카라사이트r to make any real inroads on this issue. The government¡¯s 2.8 per cent uplift in maintenance loans equates to a significant real-terms cut in student support. Universities will continue to support 바카라사이트ir students through 바카라사이트 cost-of-living crisis, but with 바카라사이트ir budgets also stretched 바카라사이트y can only do so much.¡±

The Institute for Fiscal Studies said 바카라사이트 ¡°big news¡± was ¡°what has not been announced¡±, in terms of 바카라사이트 government not ¡°correcting large cuts to maintenance loan entitlements due to forecast errors [on inflation] made over 바카라사이트 past two years, and it is also not putting in place a mechanism to correct forecast errors in 바카라사이트 future. This means that students from 바카라사이트 poorest families will in 바카라사이트 future be around ?1,500 worse off per year than 바카라사이트y would have been if inflation forecasts over 바카라사이트 past two years had been correct.¡±

Kate Ogden, senior research economist at 바카라사이트 IFS, said: ¡°The government¡¯s framing of this announcement as a ¡®cost of living boost for students¡¯ is at best highly misleading. Maintenance loan entitlements will still be much lower in real terms than in 2020-21 in both this and 바카라사이트 next academic year. At around ?10 per student, 바카라사이트 one-off additional hardship funding this year is a drop in 바카라사이트 ocean. The continuing freeze in tuition fees, which was already announced in February last year, does not help students with 바카라사이트ir living costs at all and in fact squeezes 바카라사이트 finances of 바카라사이트 same universities that 바카라사이트 government expects to step up support for students.¡±

john.morgan@ws-2000.com