Universities in the UK have warned that student are likely to abandon their courses if they aren't offered any support amid the cost-of-living crisis. They have said that "immediate action" needs to be taken to help students worried about money.
Vice-chancellors are calling on Britain’s next Prime Minister to bring back maintenance grants and provide targeted hardship funding for UK students. Most of the measures already in place are unlikely to help most students, as they are largely targeted at people on means-tested benefits, pensioners and families, analysis by Universities UK found.
Two-thirds (67 per cent) of students in higher education are worried about managing their living costs this autumn, rising to 85 per cent of students over the age of 30, according to a poll carried out by Savanta ComRes. Of those, more than half (55 per cent) say this may stop them from continuing with their degree, including eight in 10 postgraduate students.
The Bank of England has warned the UK will tip into recession this year, with inflation already at a high of 10.1 per cent. Professor Steve West, president of Universities UK and vice-chancellor of the University of the West of England, said ministers "must step forward" with extra cash.
"With inflation reaching record highs and energy bills soaring, (students) need extra support right now, before they decide their living costs are so high that they can’t afford to continue with their studies," he said. "It’s time to bring back the maintenance grant and make sure it keeps pace with inflation."
The gran was scrapped in 2015 by then-PM David Cameron. Prof West said: "Universities are targeting available hardship funding where it is needed the most, but, with the value of maintenance loans falling to its lowest level in seven years, this will not be enough for many. We need immediate action from the new Cabinet to help students through the difficult winter ahead."
The poll of 1,050 was carried out in July this year and commissioned by Universities UK, which represents 140 campus bosses across Britain. Three-quarters of the students agreed that that the cost of living is causing their mental health to suffer, saying that utility and energy bills were causing the most concern at 64 per cent.
This was followed by rent or accommodation, and then food. Half said they would go out less with friends and family this autumn.
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