Economy Minister Conor Murphy has announced a 20% increase in maximum student maintenance loans from academic year 2025/26.
The increase will provide students with an estimated additional £50million per year to assist with living costs.
The Minister said: “I am acutely aware of the difficulties that continue to be faced in the current cost-of-living crisis by people right across society, and not least by students.
“I am therefore pleased to confirm a 20% increase in the maximum student maintenance loan available to full-time undergraduate students from academic year 2025/26. This will provide in the region of £50million of additional support to approximately 35,600 local students studying in these islands.”
The additional support includes increases to the limits for those who live at home, away from home, and those living in London. Students from the lowest income households will see their combined maintenance loan and grant funding rise from £6,610 to £7,925 if living at home, from £8,136 to £9,757 if living away from home and from £10,852 to £13,016 if living in London.
Eligible students can also continue to avail of income-assessed maintenance grant support of up to £3,475, and other targeted support provided by the Department, such as Disabled Students Allowance.
In conclusion, the Minister said: “Higher education is a cornerstone of our economy and key to delivering my economic priorities of good jobs, regional balance, raising productivity and net zero carbon emissions. This increase will help ensure as many students as possible can access higher education and can successfully complete their courses, providing benefits for society and the wider economy.”
The changes will be enacted following the laying of supporting regulations.
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