that a combination of strong job opportunities luring disillusioned students and pressures from the cost of living crisis could see the number of dropouts spiral even higher next year.
“The second thing is the increasing cost of living. The maintenance support package for students hasn’t really kept up with the cost of living and because it’s mean-tested, parents are expected to contribute a lot of money, which they can’t always do.
The Government last month announced it will reduce the cap on student loan interest rates to alleviate pressure on recent graduates, who start repaying student loans when they earn more than £25,375 a year. The rate will be fixed at 6.3 per cent from September, down from 7.3 per cent under previous plans.
“We’ve warned that student drop-outs could increase as university becomes less affordable, and it could get even worse this year,” she said., published in July, revealed that one in three students were living on £50 or less a month after paying rent and bills, with 64 per cent saying their student loan did not cover energy bills.
Source: News Formal (newsformal.com)
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