According to the National Student Money Survey 2017, 84% of students suffered financial problems last year, with two-thirds claiming that the Maintenance Loan was not enough on its own.
Save the Student did further research on student loans and found that students “need an average of £821 to cover monthly spending, with rent alone coming in at £394 nationally.”
Poppy Howe, a second-year Aerospace Engineering student, told Impact: “The Maintenance Loan is important for students. With that being said, my parents still send me extra money which I need. I know people as well who have to work whilst studying so they can afford food, the bus and going out.”
Their research further states that parents are expected to contribute additional money, an average of £221, as “government sums still leave students short of cash.”
“The Maintenance Loan is important for students. With that being said, my parents still send me extra money which I need”
The Student Loan is composed of two parts: the Tuition Loan for course fees, and the Maintenance Loan for living costs.
Jake Butler, Operations Director at Save the Student, said: “It’s quite evident that the student loan is not enough to support the average student and their day-to-day living costs, especially in the wake of grants and other financial support being stripped back.
More information and the full survey results from Save the Student can be found here