There will be some financial relief for struggling students after Economy Minister Conor Murphy announced a 20% increase in maximum student maintenance loans.
The new higher levels will kick in from the start of the 2025/26 academic year.
The increase will provide £50m of additional support to approximately 35,600 local students to assist with living costs.
The president of the NUS-USI students’ union said the increase will be welcomed by all students and follows years of campaigning to address student finances.
“This substantial increase in maintenance loans is a testament to the tireless campaigning of the student movement across Northern Ireland for more money in students’ pockets,” he said.
“We commend the minister for recognising the financial challenges faced by students and for taking decisive action to address this. This funding boost will enable countless students to focus on their studies without the constant worry of making ends meet.”
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But he warned that more will be needed to ensure the whole student population reaps rewards from measures to alleviate financial hardship.
“It’s crucial to remember that not all students benefit from this announcement,” he stressed.
“We urge the department to address these gaps in student support and ensure that all students, regardless of their course or level of study, have access to the financial resources they need to succeed.
“We look forward to engaging with the department during the imminent higher education funding review to push for a fairer and more sustainable student finance system in Northern Ireland.”
This time last year, a major survey from the union revealed that the vast majority of students in Northern Ireland were constantly worried about finance.
The 2024 survey, the biggest conducted by the students’ union, showed that 84% of students had financial concerns, with more than one in five (22%) saying money worries dominate their lives.
The results shed light on the impact of the cost-of-living crisis on students, leaving many struggling to buy food, through inadequate financial support, and facing the stress of managing increased costs alongside studies and exams.
Almost 40% said dealing with the stress of the cost of living was impacting their mental health, with around 25% considering leaving their course.
Announcing the rise in student maintenance, Minister Conor Murphy said: “I am acutely aware of the difficulties that continue to be faced in the current cost-of-living crisis by people right across society, and not least by students.
“I am therefore pleased to confirm a 20% increase in the maximum student maintenance loan available to full-time undergraduate students from academic year 2025/26.
“This will provide in the region of £50m of additional support to approximately 35,600 local students studying in these islands.”
The additional support includes increases to the limits for those who live at home, away from home, and those living in London.
Students from the lowest-income households will see their combined maintenance loan and grant funding rise from £6,610 to £7,925 if living at home; from £8,136 to £9,757 if living away from home; and from £10,852 to £13,016 if living in London.
Eligible students can also continue to avail of income-assessed maintenance grant support of up to £3,475, as well as other targeted support provided by the department, such as Disabled Students Allowance.
“Higher education is a cornerstone of our economy and key to delivering my economic priorities of good jobs, regional balance, raising productivity and net-zero carbon emissions,” the minister added.
“This increase will help ensure as many students as possible can access higher education and can successfully complete their courses, providing benefits for society and the wider economy.”
News Catch Up – Thursday 30 January