Your Advice Service

Student Finance Announcement - what this means for you

The government has recently made a few announcements about student finance and hardship support. We are deeply concerned about the lack of progress in supporting students in the face of the cost-of-living crisis, and will continue working with the university to see how we can best support our students.

cov uni londonCoventrydagenhamDisabled StudentsEECfahFBLgreenwichhlsinternationalLondonScarboroughself-supporting studentsStudents with ResponsibilitiessustainabilityWellbeing
No ratings yet. Log in to rate.
A calculator with cash as someone is calculating their budget

Student Loans increase

The government has confirmed that student loans will increase by 2.8% for the year 2023-2024.

While it is positive that the government are recognising that students require more funding in the cost-of-living crisis, this is well below the current and predicted inflation, which will continue to leave students with less money at the end of each month.

Your Students’ Union will continue working with local, regional and national partners to put more pressure on the government to do more. We would like to see student finance match the current interest rates, so that our students can support themselves whilst at university and not miss out on their whole student experience.

This should be an exciting time for our students, many of whom are experiencing independence for the first time in their lives. In order to help set our students up for success, we want to see more support to prevent students getting into debt, withdrawing from their studies, or having to choose between paying their bills, travel or course materials.

We are currently working with the University, NUS and Coventry City Council to bring more attention to the issue of student hardship. We are working on developing our relationships with more partners and will continue to review any changes or offers from the government, to assess whether these are fit for purpose and in the best interest of our students.

Tuition fees

The government is also freezing the current tuition fees of £9,250 for the next two years. While this is not something that many students will need to repay right away, we feel the government should be doing more to support university students.

Hardship fund

The government announced a further £15 million for universities towards hardship support. While we do not yet know what this means, and how much of this will be going to Coventry University, this is something Your Students’ Union will continuously assess, to ensure you are informed about the support available to you. At present, Coventry University’s Support Fund offers help for those in unexpected financial hardship. To stay up to date with cost-of-living announcements, keep an eye out on our website where we post all our updates, including more on this fund once we know what is being proposed.

Postgraduate loan and students with disabilities

Unfortunately, those in receipt of a Disabled Students Allowance or in receipt of a postgraduate loan will receive much less support. The government announced only a 1.4% increase for these two groups of students. If you are in any of these two groups, it means you will be worse off compared to those receiving a 2.8% increase. We feel strongly that this is not good enough and want to see equal support being offered to students across our student community.

If this applies to you, we encourage you to write to your MP to highlight this issue to them. You can find your local MP via Find your MP - MPs and Lords - UK Parliament

Use your voice!

Using your voice to call for the better treatment of students is powerful, and we encourage you to use it. The All-Party Parliamentary Group for students has launched an inquiry into the cost-of-living issues faced by students nationally and it's important to have your voice heard nationally by the government. You can submit your response about the cost-of-living impact and the support you would like to see from the government here

NUS are running multiple campaigns and trying to get as many students as possible to join petitions calling on the government (nationally and locally), to take action. Sign the petitions below to have your voice heard

NUS’ Cost of Living Campaign

NUS’s Petition for 6 month’s free travel across the West Midlands

NUS’ Freeze rent not student campaign

If you have any feedback for Your Students’ Union, or want to get involved with our Cost of Living work email us at COL.SU@coventry.ac.uk.

Comments

No comments have been made. Please log in to comment.
 

Website design by Elliot Parker and Your SU. Powered by MSL.