Annual Student Rent Is Now More Than Maximum Maintenance Loan
Universities are trying to boost financial support for students from the poorest backgrounds.
One again, students are being left unsupported and struggling at university.
University leaders are calling upon ministers to help boost financial support for students in England who come from the poorest backgrounds.
These demands come after a report found that the average annual rent for private student accommodation (outside of London) for the academic year 2023/2024 would be around £10,227. The maximum maintenance loan for students outside of London is £9,978 — meaning students will either have to ask their parents/guardians to cover remaining costs, or pick up a part-time job to cover it themselves.
Uni leaders believe that:
“Students are being put under more financial pressure, leading many to work rather than focus on studies”
Chief executive of the Russell Group of research-intensive universities, Tim Bradshaw, has said that the funding gap was ‘particularly concerning” given that maintenance loans for students in England would increase by only 2.8% in 2023/2024 — below the anticipated inflation levels for the year ahead.
The sector lobby group who represent more than 140 higher education institutions, Universities UK, have said that they believe the 2.8% increase in maintenance loans is “inadequate” and more is needed. They went on to say that “with inflation still high, it’s imperative that the maintenance support package is reviewed”.
Universities of Manchester and Glasgow are among the universities with the highest increases to weekly rent, with prices rising 21% and 19% respectively this academic year. A high increase that has left students unable to afford their accommodation.
Where to go if you’re struggling with student accommodation and rent
If you’re worried about being left unable to pay for your university accommodation, speak to someone at your uni or check out the links below for support and advice:
Check out Student Beans student discounts for some amazing money-saving deals and discounts.
