What cost-of-living support is available to students?

With students up and down the country getting ready to head off for a new university year, a report examining the cost-of-living support available for those in higher education has been released.

Research from higher education think tank the Higher Education Policy Institute (HEPI) looked at:

• the effects of the cost-of-living crisis on students
• the support currently available to students struggling financially
• what more could be done to help students

How students are being affected by the cost-of-living crisis

The report found students are often under additional pressure, which can make financial difficulties worse. These additional pressures include:

• often being away from home for the first time and removed from their usual support networks
• the amount of money available through student loans for living costs failing to keep up with inflation
• having to work during their studies to help pay their way
• living in properties with poor-quality energy insulation resulting in higher energy bills
• rising travel costs
• being unable to fully participate in university life due to money being tight

What cost-of-living support do universities offer?

• 76% of UK universities help students with food and drink – 51% offer discounts, 27% operate food banks and 11% give out food vouchers
• 47% offer financial health assistance
• 35% offer help with students’ travel and digital needs
• 82% have an online platform telling students about the available support
• university hardship funds award up to £2,470 and, on average, institutions commit to get the money to students within four weeks

Stand-out support

Some of the universities with stand-out cost-of-living schemes include:

• Manchester University – among other things, it organised a £170 payment for more than 90% of its students
• Buckinghamshire New University – has made participation in all clubs, societies and skills sessions free
• Manchester Metropolitan University – has simplified the application process for its hardship fund so students only have to submit a screenshot of their bank balance, with evidence of tenancy and a student loan

More to be done

HEPI is calling on all universities to:

• set up a dedicated group for cost-of-living issues
• simplify the application process for hardship funds
• introduce emergency funds
• include students in their cost-of-living decisions

It’s calling on students’ unions to:

• campaign on cost-of-living issues

And it’s calling on the government to:

• set up a cost-of-living taskforce to urgently review the level of maintenance support available to students

If you’re struggling

Don’t bury your head in the sand if your finances are getting out of control. Check your university’s website to see what cost-of-living support it’s offering. And if you’ve fallen into debt, get in touch to see how we can help. Our debt advice is available 24/7 online or over the phone during office hours.