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The majority of students take out two loans – one to pay tuition fees and a maintenance loan to help with living costs like rent, travel, food, and study materials.
The maintenance loan is set at different levels depending on whether they live in their parents’ home or not.
In 2022, the then Economy Minister Gordon Lyons increased the maintenance loan by 40%.
Murphy’s further 20% increase means the annual amount that can be borrowed by students living at home will rise from £5,250 to £6,300.
The amount that can be borrowed by those living away from home will rise from £6,776 to £8,132.
If a student is studying in London, they will be able to get a loan of £11,391.
Students in Northern Ireland from less well-off backgrounds can also get a separate maintenance grant of up to £3,475, depending on their household income.
BBC News
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