13 February 2024 , 11:36
1197
0
Thousands of university students living in Scotland will receive a cost of living boost worth £2,400 this year.
The money is called the "Special Support Loan" and will be available on top of the standard maintenance loan and grant which is currently £7,000 and £2,000 respectively. The extra financial help will be made available to both new and existing full-time undergraduate and postgraduate students from September this year.
The new special support loan will mean that, per year, the main undergraduate funding package will rise to £11,400 from £9,000 and post-graduate to £13,900. The move also means that financial support for the most vulnerable students is now in line with the student equivalent Living Wage.
To get the extra cash, you will need to apply for it through the Student Awards Agency Scotland (SAAS) - the same way you would apply for the existing maintenance loan and grant. You will also be paid it, and will repay it in the exact same way. This is an optional extra - and not automatic - so if you do not feel like you will need it then you do not need to apply for it. The Scottish Government also notes that this extra money will not impact a student's entitlement to benefits they claim while studying.
The Scottish university loan system works under a means-tested system and is based on a student's household income. As household income rises, your grant and loan entitlement decreases - this means those from lower income households will get the largest amount of money.
Even the Tooth Fairy is feeling the cost of living crunch with payments down 10%
Minister for Further and Higher Education Graeme Dey said: “We know that financial stress can be a significant barrier to educational success so it’s vital that we provide this uplift for students, helping them through what are tough economic times.
“This package of measures will help learners to fulfil their potential and delivers on our Programme for Government commitments to increase the student support package to the equivalent of the Living Wage, to introduce a special support payment and to review funding provision for postgraduate students. Along with free tuition, this uplift demonstrates the Scottish Government’s commitment to helping students – even as we face the most challenging financial situation since devolution.”