Financial Support to Help Students with Their Living Costs

Students facing financial difficulties are to benefit from additional financial support from the government to help ease cost-of-living pressures while completing their studies.

On the 11th of January, the government announced an additional £15 million in hardship funding for this financial year which will enable universities to provide extra support to students who are most in need. This is in addition to the £261 million government funding already provided to the Office for Students for 2022/23.

Universities have already stepped up their support this year via hardship funds, scholarships, and bursaries.

Other innovative schemes include:

  • The University of Sheffield launched their cost-of-living hub (read our previous blog here)
  • The University of Southampton has made a total of £1.1 million available to students to cover emergency costs
  • Queen Mary University of London launched a bursary scheme automatically provided to any domestic undergraduate from a family whose annual taxable income is below £20,000
  • The University of York announced that £150 would be given to student households who are finding it difficult to pay their bills as part of a £6 million package to support students most in need

The government also confirmed that loans and grants to support undergraduate and postgraduate students with their living costs will be increased by 2.8% for the 2023/24 academic year.

And there was more good news. the government has confirmed that, for the sixth year in a row, it is freezing tuition fees for a standard full-time course in the 2023/24 and 2024/25 academic year in England at a maximum of £9,250 helping students by reducing the initial amount of debt they will take on.

All the above is welcome news and is just part of a whole range of benefits and support currently available. You can read more about the new additional government financial assistance here.

At Sheffield Student Property, we can assist you in securing great student accommodation in Sheffield so don’t hesitate to give us a call on 0114- 2666 300 and we’ll be pleased to help you.