Cost of living loan worth £2,400 available – check if you are eligible for support | Personal Finance | Finance

Thousands of university students in Scotland are set to receive an extra £2,400 this year to help with the cost of living. This “Special Support Loan” will be available on top of the standard maintenance loan and grant, which currently stand at £7,000 and £2,000 respectively.

The new special support loan will increase the main undergraduate funding package to £11,400 per year, up from £9,000, and post-graduate funding to £13,900. This move aligns financial support for the most vulnerable students with the student equivalent Living Wage, the Mirror reports.

Students will need to apply for the extra cash through the Student Awards Agency Scotland (SAAS), just like they would for the existing maintenance loan and grant. The money is optional and won’t affect a student’s entitlement to benefits they claim while studying.

Students in Scotland get money for uni based on their family’s income. The less money the family has, the more cash the student gets.

Education boss 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.”

“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.”

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