A new online petition is calling on the UK Government to extend cost of living payment support to every student in higher education. The petition indicates that around one-third of students receive just £5,000 a year in financial support through loans, grants or bursaries, a sum it suggests is two-thirds less than someone working full-time being paid the National Minimum Wage.
It also argues that means-tested student loans are falling short of daily living costs due to higher inflation rates and states that “most students rely on Government loans, and should be entitled to a top up to help with the increased cost of living”.
The ‘Extend Cost of Living Payments to all students in higher education’ petition has been created and posted on the petitions-parliament website by Megan Cushnahan, PR Manager at Student Beans. If the calls for cost of living payments, worth £900 in total over the next financial year, receives 10,000 signatures of support, then the UK Government will be obliged to give an official response.
Additional funding for hardship funds at colleges and universities across Scotland, England and Wales was provided in April 2022 as part of the UK Government’s £37 billion package of support.
Student Information Scotland has a complete guide to accessing discretionary funding which you can read here, but if you are a student, it is also worth checking with your own college or university to find out what financial support they may be able to offer.
The petition reads: “Inflated living costs are exceeding means-tested student loans, so the [UK] Government should increase support by extending the Cost of Living Payment to all students in higher education.
“Most students rely on Government loans, and should be entitled to a top up to help with the increased cost of living.”
It continues: “The financial situations students face are having negative effects on mental health and studies, according to a report by Student Beans.
“They found that 29 per cent of students receive under £5,000 of student finance per year, two-thirds less than someone on minimum wage (working 37.5 hours a week), despite similar expenditures to budget for.”
The petition concludes: “Government support should help ensure students can afford to continue their education, and aren't forced to leave education due to current concerns around short-term finances.”
You can view the petition on the petitions-parliament website here.
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