Warwick University announces £3.5m cost-of-living package for students and staff

The University of Warwick has added £3.5m in extra funding to its support programmes over the next academic year in a bid to aid struggling staff and students with the ongoing cost-of-living crisis.

The new funding, which will be sent through scholarships and grants via existing bursary schemes, will bring the total amount of financial support available to students to over £45m.

According to the University, a total of 3,200 students currently receive a bursary from the University, with students from poorer backgrounds receiving greater amounts. Consequently, all students from households earning a combined income of under £35,000 will gain an additional 10% of funding starting in December.

Post-graduate research students receiving the ‘minimum stipend’ will also see a 10% rise in line with the UKRI stipend rate. This aims to counteract the increased inflation.

The funds will be made available through existing programmes so that students will not need to apply in order to access the additional funds.

According to the statement, the University has also said it will pay approximately 3,911 of its lower-paid staff a ‘cost-of-living payment’ of up to £550 in January. Staff will also be eligible to apply for an interest-free loan as well as a ‘free online personal finance platform’, whereby they will be given tips and advice on budgeting by experts.

Alongside this, the University has also opened the Arts Centre to members of the public, stating: “Warwick’s world-class centre Arts Centre has meanwhile issued an open invite to local residents to make use of the building to stay warm during the day, offering a friendly space for people to come and enjoy.”

The University’s Vice-Chancellor, Stuart Croft, stated: “We know that many people are struggling with their finances right now as household budgets are being hit hard by the cost-of-living crisis.

“That’s why we’re spending an additional £3.5m to support our community, including extra help for over 3,000 students from lower income families to help ease the burden of rising bills.”

“We believe offering this package of practical support to those who need it most is the right approach to take, and reflects the feedback from our community.”

“Today isn’t a full stop in terms of the support on offer. We will continue to work closely with our students and staff to understand what additional help may be needed over the coming months.”

According to the statement, the University is set to organise ‘listening panels’, whereby they can work with students to: “Identify areas where the university can offer further support and assistance”.

Will Brewer, President of Warwick Students’ Union, has reaffirmed the impact of the cost of living crisis on students adding: “We welcome this response from the University and look forward to continue working with the University Cost-of-Living Working Group to ensure that no students are left behind.”