Increase student Maintenance Loans in England to close £1,500 inflation gap

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Increase student Maintenance Loans in England to close £1,500 inflation gap

Petition Details

Maintenance (living cost) Loans in England are set to rise by just 2.8% this year. Along with recent forecasting errors, students will be £1,500 poorer than if loans matched inflation. Loans must increase by more to avoid embedding this shortfall into the system – a financial disaster for students.

Additional Information

At Save the Student, our 2022 Student Money Survey found that on average, living costs exceed loans by £439/MONTH (+£99 on 2021, +£216 on 2020).

This is mostly due to forecasting errors, with actual inflation rates exceeding predictions.

According to the IFS, 2.8% may be accurate for 2023/24 but doesn't fix 2 years of errors, leaving students £1,500/year worse off in real terms.

Unless this gap closes, students and parents will face extreme financial pressure, with many forced to drop out.

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