Here’s how much Exeter students have left after paying rent… and it’s not much

Starting this September, the government plans to raise the maintenance loan by 3.1 per cent, but unfortunately for students, rental costs will swallow it whole. In some university towns and cities in England, rent prices are now more expensive than the maximum student loan available.

Students are now desperately hunting for ways to stretch their pennies and top up their (nonexistent) loan funds, or for Exeter students, just sending a text to Dad asking if he can spare a little more.

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Nick Hillman, director of HEPI, said that maintenance support packages are “nothing like enough” due to the student rents going up “significantly higher” than the Government maintenance loan.

He said: “The Government is increasing maintenance by 3.1 per cent and you can see that rent is going up very significantly higher.

“Every year, the shortfall between how much money students need to live on and how much money they’ve actually got in their pocket is getting bigger.

“It’s one of the reasons why demand for higher education is currently down.”

He further added: “How does the Government seriously hope to make strides in access when the maintenance package is falling further and further behind rent every single year?”

The maximum loan students can receive for the 2024/25 academic year in Exeter is £10,277 while living away from home. I better start selling more clothes on Vinted.

Richard Ward, head of research at StuRents, said: “For the majority of students, their maintenance loan won’t cover both their rent and basic living costs.

“This crisis is particularly acute in relatively expensive cities such as Durham, Bristol and Oxford where students are often paying rents well above the national average but don’t receive a larger loan like they do in London.”

However, Exeter students may have some hope. The StuRents data shows that listing prices have decreased in major student cities, including Leeds, Sheffield, and Exeter, suggesting a slower market due to an influx of accommodation in recent years.