Adjust student loans depending on area of study
Despite there being a wide spread of living costs across the UK, students receive about the same amount of loan, depending upon financial circumstance, up and down the country, with the exception of London where there is an increase due to the high expense of living there.
The average student, according to NUS, receives about £5,000 a year in loans and grants which is £500 a month for 10 months, or £400 for 12. The average cost of student rent, for private accommodation, in 2012/13 per week, excluding London, ranged from £134.47 in the South East to £104.90 in Yorkshire. Scotland is £139.61 and Wales, £103.60.
In terms of what this means, the average student, on a 42 week year, receives £119 a week (outside London) which just covers rent. Therefore, I would like to propose that the way student loans are allocated is changed to give people in more expensive areas more money, and those in less expensive areas less so the ratio of money to living costs is equal across the UK.
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