University students struggle with the soaring cost of living

University students are still being buffeted by the UK’s economic turmoil. Despite the fact that inflation is falling, prices still remain substantially higher than they were prior to the cost-of-living crisis.

The National Union of Students (NUS) found that some are having to work “up to 50 hours a week” to pay household bills.

Student loans provided by the government for the 2023-24 academic year were 2.8% higher compared to the previous academic year, with those living outside of London able to receive anything from £4,651 to £9,978. In the capital, students can receive up to £13,022.

However, students across the nation are still facing financial hardship.

Too many are having their futures blighted by poverty and hardship that risks scuppering their potential. 

Chloe Field, NUS Vice President for Higher Education

Chloe Field, the NUS Vice President for Higher Education, commented: “Too many are having their futures blighted by poverty and hardship that risks scuppering their potential. This is part of a sad reality that the majority of students are now wrapped up in.”

She added: “Those doing degrees such as medicine, dentistry, architecture, law and engineering with a high number contact hours are some of the worst affected, struggling to find time to balance a job with university studies.”

Alongside government assistance, universities have also taken responsibility for ensuring that students in need receive support. This has taken the form of bursaries, scholarships, and university hardship funds.

A total of £276 million has been made available through the Department for Education so that universities can boost hardship funds.

Over half of students now work alongside their studies, an increase of 10% in just two years.

For some, however, part-time work is not enough.

A report by the Higher Education Policy Institute found that more than 1/4 UK universities are operating food banks in response to the cost-of-living crisis, highlighting how many students are currently struggling to afford basic necessities.

Moreover, nearly 1/2 universities are offering discounted food and drinks to their students.

Overall, it is clear that the high cost of living is affecting the day-to-day lives of students across the UK.