Petition Increase student Maintenance Loans in England to close £1,500 inflation gap
Maintenance (living cost) Loans in England are set to rise by just 2.8% this year. Along with recent forecasting errors, students will be £1,500 poorer than if loans matched inflation. Loans must increase by more to avoid embedding this shortfall into the system – a financial disaster for students.
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At Save the Student, our 2022 Student Money Survey found that on average, living costs exceed loans by £439/MONTH (+£99 on 2021, +£216 on 2020).
This is mostly due to forecasting errors, with actual inflation rates exceeding predictions.
According to the IFS, 2.8% may be accurate for 2023/24 but doesn't fix 2 years of errors, leaving students £1,500/year worse off in real terms.
Unless this gap closes, students and parents will face extreme financial pressure, with many forced to drop out.
At 10,000 signatures...
At 10,000 signatures, government will respond to this petition
At 100,000 signatures...
At 100,000 signatures, this petition will be considered for debate in Parliament