09/05/2024
What does it cost to be a student and live?
A minimum acceptable standard of living
Students outside of London living away from home need £18,632 a year to have an acceptable standard of living, according to a new Higher Education Policy Institute report. Developed in collaboration with Loughborough University’s Centre for Research in Social Policy, the report proposes a minimum income standard for students – an estimate of what students need to “participate fully in the world around them.” This goes beyond rent, food and utilities to cover the costs associated with a full annual budget.
The report argues for an uplift in student maintenance and an increase to household income thresholds that determine loan amounts. The report does not make the case that the full amount – which will vary with accommodation type and region, estimated to rise to £21,774 in London – should be met by maintenance. But it’s noted that under current maintenance arrangements, English students receiving the maximum level of maintenance would need to work nearly 19 hours a week at minimum wage to meet the proposed standard. In Wales the corresponding figure is over 14 hours, in Scotland 16 hours, and in Northern Ireland 23 hours.
