THERE will be a 40 per cent increase in student maintenance loans amid the escalating cost of living crisis.
Economy minister Gordon Lyons confirmed the rise for loans from the 2023/24 academic year, which will provide students with an estimated additional £55 million to assist with living costs.
Students living at home will see loan support increase from £3,475 to £5,250, while it will rise from £4,840 to £6,776 for those living away from home. Students living in London will see an increase from £6,780 to £9,492.
However, Mr Lyons also confirmed "an uplift of 1.8 per cent to tuition fees and tuition fee loan products".
This will see tuition fee levels for eligible full-time undergraduate students rise from £4,630 to £4,710 in the academic year 2023/24.
The DUP minister also announced a review of the higher education funding system, including the support provided to students such as maintenance loans, grants and other student support products.
Officials will also look at the support provided to the sector, such as the level and mix of teaching grant and fees.
"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," said Mr Lyons.
The minister also said he was "conscious that this uplift will not take effect for another year...this is why I have already increased the budget for student hardship funds across the higher education institutions by £2.8million, bringing the total allocation to £5.6million for this year".
