Growing student loan loan ‘will change life’

Northern Irish can borrow students towards their living costs, which exceeds £ 1,000.

What could be his final task as economy minister, Connor Murphy has decided to increase the maintenance loan by 20%.

This change will be applicable from September 2025 and will spend around £ 50m to its department.

“This growth will honestly change everyone’s life,” said Emma Gore, a student of Queen University of Belfast (QB).

“Students will really be able to go to class without thinking,” Oh, I have to run to work now. “

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He told BBC News Ni that many students faced “a real financial challenge”.

He said, “The cost of living crisis is across the society, and students are not immune with it.”

“It is seriously important that we support our students because they are those who are going into the workforce; they are people who are going to make money for the future.

“Clearly if people have to do many things to do their studies, then it puts heavy pressure on young people, and studying in the university should be a pleasant experience.

“It should be the time of their life in many relationships before doing this work.”

Most students take two loans – a maintenance loan to pay a tuition fee and help the cost of living, travel, food and study materials such as rent, travel, food and study materials.

Maintenance loans are determined at various levels, depending on whether they live in their parents’ house.

In 2022, the then economy minister Gordon Leone increased maintenance loan by 40%,

Murphy’s further 20% increase means that borrowings can be borrowed by homes living at home, which will increase from £ 5,250 to £ 6,300.

Can be borrowed by those living away from home, which will increase from £ 6,776 to £ 8,132.

If a student is studying in London, they will be able to get a loan of £ 11,391.

In Northern Ireland from a less well closed background, students may get a separate maintenance grant up to £ 3,475 depending on their domestic income.

QUB student Aidan Lonergan welcomed the increase in maintenance loans.

“This will only help with day to day finance,” he said.

“Whatever we have, it is difficult on it, and I think the next year will be really helpful because the prices will probably grow again.”

Like other students loans, payment of maintenance loan should be refunded when students start working after graduation.

complete The outstanding student loan in Northern Ireland is already more than £ 5BN,

Murphy admitted that an increase in maintenance loans would lead to more loans for students.

He said, “The way the student has been working for many years,” he said.

“If we had resources to do something different about it, we will definitely do something different.”

The annual tuition fee for students at the university in Northern Ireland is £ 9,250 per year in the UK compared to £ 4,750 per year.

On officials The department had previously considered the financial impact of increasing tuition fees for the economy In northern Ireland to generate income.

But any change will require the approval of the assembly and the executive.