Question to the Department for Education:

To ask the Secretary of State for Education, what steps she is taking to help students make sustainable financial decisions when at university.

The department has worked with the Office for Students (OfS) and Student Minds to provide Student Space, a mental health and wellbeing online platform designed to bridge any gaps in support for students, which will work alongside existing services. Student Space provides advice and information on student finances, including advice on how to budget whilst at university. This service can be found here: https://studentspace.org.uk/wellbeing/how-to-make-a-student-budget.

Student Space is funded with up to £3.6 million by the OfS and the HE Funding Council Wales. It has now received a funding commitment of £262,500 annually for three years to extend this provision of online mental health and wellbeing support to all students in England and Wales until 2026.

This online platform is complemented by a wide range of budgeting advice available directly from Higher Education (HE) providers, as well as other sources online.

The department has also made £261 million of student premium funding available this academic year to support disadvantaged HE students who need additional help. The department has worked with the OfS to ensure universities support students in hardship using both hardship funds and drawing on the student premium.

Living costs support has also been increased by 2.3% for maximum loans and grants for living and other costs for the current academic year, 2022/23. Students who have been awarded a loan for living costs for the 2022/23 academic year that is lower than the maximum, and whose household income for the tax year 2022/23 has dropped by at least 15% compared to the income provided for their original assessment, can apply for their entitlement to be reassessed.

The government is reviewing options for uprating maximum loans and grants for the 2023/24 academic year and an announcement will follow shortly.