Question to the Department for Education:

To ask the Secretary of State for Education, what the maximum value of a student maintenance loan (a) was in 2018 and (b) is as of 4 March 2024; and if she will make an estimate of the real-term change in that value since 2018.

The maximum maintenance loan for an undergraduate student living away from parents outside London in the 2023/24 academic year is £9,978. The equivalent maximum maintenance loan was £8,430 in the 2017/18 academic year. This is a 13.9% reduction in the real-terms value of the maximum loan. This figure has been derived by using the Retail Price Index (RPIX) measure of inflation, applied at Quarter 1 in each academic year throughout this time period, as published by the Office for Budget Responsibility in November 2023, which can be found here: https://obr.uk/efo/economic-and-fiscal-outlook-november-2023/.

The government has continued to increase maximum loans and grants for living and other costs each year. Maximum support has been increased by 2.8% for the 2023/24 academic year with a further 2.5% increase announced for 2024/25.

The government recognises the additional cost of living pressures that have arisen this year and that are impacting students. The department has already made £276 million of student premium and mental health funding available for the 2023/24 academic year to support successful outcomes for students including disadvantaged students.

The department is now making a further £10 million of one off support available to support student mental health and hardship funding. This funding will complement the help universities are providing through their own bursary, scholarship and hardship support schemes.

Over the period between 2022/23 to 2024/25, the government will have provided support worth £104 billion to help families throughout the UK with the cost of living including to meet increased household energy costs. This is an average of £3,700 per household. This will have eased some of the pressure on family budgets and so will in turn enable many families to provide additional support to their children in higher education to help them meet increased living costs.

The department has also frozen maximum tuition fees for the 2023/24 and 2024/25 academic years to deliver better value for students and to keep the cost of higher education under control. By 2024/25, maximum fees will have been frozen for seven years.