To ask the Secretary of State for Education, what assessment he has made of the impact of the rise in inflation on the purchasing power of the average size maintenance loan.
22 April 2022
We are freezing maximum tuition fees for the 2022/23, 2023/24 and 2024/25 academic years. By 2024/25, maximum fees will have been frozen for seven years.
Students from the lowest-income households have access to the largest ever amounts of support for their living costs in cash terms. Maximum grants and loans for living costs were increased by 3.1% this academic year, and we have announced that they will increase by a further 2.3% next year.
Many providers have hardship funds that students can apply to for assistance should individuals’ finances be affected in academic year 2021/22. The government is also making available discretionary funding of £144 million to be provided to support vulnerable people and individuals on low incomes.
Grant funding to the Office for Students (OfS) for the 2021/22 financial year included an allocation of £5 million to higher education providers in England in order to provide additional support for student hardship.
In our guidance to the OfS on funding for the 2021/22 financial year we made clear that the OfS should protect the £256 million allocation for the student premiums to support disadvantaged students and those that need additional help. The 2022/23 financial year guidance to the OfS confirms universities will continue to be able to support students in hardship through the student premium. Ministers’ Strategic Priorities Grant guidance letter to the OfS asks that the OfS looks to protect the student premium in cash terms for financial year 2022/23.
Advice is available from providers and from other sources online to help students manage their money while they are attending their courses.