Universities pledge extra help to students amidst cost of living crisis

Megan Roper Contributor

Illustrated by Charlie To

On 3 November, the Bank of England increased interest rates to 3 percent, following the announcement last month that the rate of in ation in the UK has risen to 10.1 percent. Consequently, students across the UK have seen their budgets squeeze further due to price hikes.

According to the MillionPlus group, almost 300,000 students will be pushed to their nancial limits in the coming months. Moreover, the crisis will disproportionately impact ethnic minorities and students with a lower socioeconomic background, who may be thus forced to leave university due to insu cient funding.

According to a property marketing strategist’s research report, 9 percent of students already work between 21 and 30 hours per week, while 11 percent work more than 21 hours per week whilst studying, in order to keep up with nances. e sharp rise in in ation is only expected to further strain students’ nancial conditions. Loans and grants for students have therefore been criticised for inadequate adjustments to account for keeping pace with in ation.

e current crisis is also ex- pected to signi cantly a ect students’ mental well-being.

A survey conducted by NUS Wales found that 90 percent of students surveyed by NUS Wales in the summer stated that the cost-of-living problem negatively impacted their mental health, especially considering the £340 discrepancy between the average UK maintenance loan and living expenditures.

Some universities across the country have been quick to act in order to help their students cope with the current crisis. For instance, the University of Warwick has initiated a £3.5 million cost-of-living support package, whereby students from low-income families, who receive a scholarship or grant from the University, will receive a 10 percent in- crease in their payments for the current academic year.

Meanwhile, Newcastle University opened a food bank for its students in October. rough the ‘student pantry’, Newcastle students can help themselves to essentials including pasta, tinned vegetables, and toilet rolls. Other university student unions such as the Swansea University Student Union have introduced free weekly breakfasts for students on campus.

At the start of the academic year, LSE increased its funding for the Student Support Fund, through which students facing nancial hardship and unexpectednancial issues can apply for nancial support. Additionally, LSE has continued to offer students various bursaries and scholarships. Similarly, LSE has introduced the Rent Guarantor Scheme, which assists non-UK resident students in securing a rental property by being their rent guarantor, so that they will not have to pay substantial deposits to landlords for their contract to be accepted. e Beaver has asked the General Secretary, Tilly Mason to comment on the Rent Guarantor Scheme as well as any future initiatives. Mason said, ‘‘LSESU have lobbied LSE on their guarantor scheme, and we have a meeting with the heads of LSE Residential Life soon to discuss how to update the scheme in the context of the cost of living crisis!’’ Mason critiques, ‘‘For international and lower-income students, LSE need to step in to ensure that everyone can meet the requirements of private housing.’’

When asked about other future initiatives, Mason lists a number of di erent initiatives. ese include, ‘‘working with other London Students’ Unions on campaigning for free bus travel for students’’, ‘‘[meeting] with Nickie Aiken and Keir Starmer, the MPs of LSE constituency, to ght to make sure students are mentioned in the Government’s next budget… We have a new webpage on the SU website about cost of living, where you can nd a template letter I created to send to your MPs to pressure them on this!’’, ‘‘setting up a working group with members of the LSE Directorate to plan joint actions and allow the SU to lobby LSE on relevant issues, namely increasing student bursaries’’, and lastly, ‘‘leading a campaign on the cost of food on campus - such as having cheap meal deals and food vouchers for low-income students.’’

Mason concluded that more information about these schemes are to be released soon.