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Scottish students can apply for new £2,400 support loan from start of next academic year
12.12.2023 - 13:39 / dailyrecord.co.uk
The Scottish Government has announced that funding for students is set to increase next year with the launch of a £2,400 support loan. From the start of the 2024-25 academic year, students will be able to apply for the loan to cover travel, childcare and other costs incurred by study.
The total support offered to students who receive the loan will increase as a result to £11,400 for undergraduates and £13,900 for postgraduates. The Scottish Government said the increase in funding will pay out a student equivalent to the National Living Wage by paying out £12 per hour for 25 hours of study a week over a 38-week academic session.
Further and higher education minister 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.”
He continued: “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.”
The Scottish Government said that the special support covers costs disregarded by the Department for Work and Pensions (DWP) when assessing benefit entitlements.
It said this will ensure that students in higher education who remain entitled to welfare benefits while they study can access this additional support without any further reduction in their benefit
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