Economy Minister Diane Dodds said she is seeking additional funding to support students amid the coronavirus pandemic.
Diane Dodds was questioned by a number of MLAs in the Assembly today around help for students.
The National Union of Students in Northern Ireland earlier called for students to be released early from their rent contracts as courses have moved online.
SDLP MLA Cara Hunter said many students feel excluded from financial aid.
She said a one-off £500 payment for every student in Northern Ireland would cost £32 million, and urged a support fund for students.
Ms Dodds said she had spoken to the Student Loan Company to discuss issues facing students, adding she was "disappointed" with the response but said she will "continue to pursue that conversation".
The minister earlier met with Queen's University Belfast and Ulster University, as well as writing to all the local higher education institutions asking them to take all possible steps to support students at a "difficult and really harrowing time".
She also said she is working to secure "significant additional funding, as soon as possible" for students.
Mrs Dodds said the funding is planned to be allocate across the five local providers - Queen's University Belfast, Ulster University, Stranmillis University College, St Mary's University College and Open University.
"I have asked the institutions to ensure that they make every effort to target this additional funding at those most in need and to make the process for accessing financial support as simple as possible," she said.
