Students praise Northern Ireland’s decision to increase maintenance loans

By Niina Leppilahti

On 19 October, Gordon Lyons, Minister for the Economy of Northern Ireland, announced a 40% increase in student maintenance loans from the 2023/24 academic year onwards to ease students’ financial burden under the ongoing cost of living crisis. For Northern Irish full-time undergraduate students in London, this means their maximum maintenance loan will increase from £6,780 to £9,492.

The Beaver interviewed the LSE 93% Club as well as the Social Mobility Society on how they feel about this policy move by the Northern Irish government to alleviate students’ financial burdens.

Piers Millar, president of the LSE 93% Club, called Lyons’ move “a step in the right direction.’’ Nevertheless, Millar suggests that ‘‘it is debatable’’ whether a cap of £9,492 is ‘‘sufficient’’ – noting how LSE estimates the annual cost of living in London to be £14,400. Instead, he believes, “we should be able to borrow up to the max regardless of household income for a simple reason, household income does not equal residual income… We’re not asking for a handout, it’s money we pay back after all with interest…”

Moreover, he notes that under the current system, many students have been forced to choose between studying and picking up more shifts, thereby perpetuating an “already present attainment inequality.’’

Similarly, the Social Mobility society applauded Lyons’ move: “The decision to increase maintenance loans by Gordon Lyons is very thoughtful and impactful given the current climate of hiking inflation. It helps students especially from low-income backgrounds in a time where journeys to university have increased, the price of lunch is unbearable and many more direct consequences.”

They further called upon PM Rishi Sunak and his parliament to take similar action, due to how “comparatively more expensive it has become to be a student in London and the rest of England, the maintenance loan has barely risen to meet these increased costs.”

Both the LSE 93% Club and the Social Mobility society also called upon LSE to re-evaluate both the terms as well as the amount of financial aid available to its students in the context of the current crisis. Millar urged policymakers to be mindful of the fact that “people’s economic problems can take different shapes.’’

LSE currently offers a number of different forms of financial support for struggling students. This includes support regarding living costs, bursaries for undergraduate students and students who are parents. Furthermore, the LSESU offers financial support such as through the Hardship Fund, which assists students who have “fallen into short-term, unforeseen hardship” to help them complete their degree.