Students in England stand to miss out on聽拢1,500 a聽year each when the value of聽the maintenance loan for the next academic year is聽decided this month, the聽Russell Group has warned.

The level of support given to students to聽cover their expenses has not risen in聽line with the skyrocketing cost of聽living because it聽is set using inflation forecasts, which have been inaccurate every year since 2020-21.

With just two weeks to go until Ucas鈥� deadline for applications for university entry in 2023-24, students are still waiting to hear how much the new loans will be worth, with some hopeful that increases will be higher than normal to account for the rapid rise in inflation driven by the pandemic and the war in Ukraine.

But if the Department for Education sticks to its usual methodology of uprating maintenance loans by projections,聽the amount聽could increase by only 2.8聽per cent, the figure forecast by the government鈥檚 Office for Budget Responsibility for what inflation will be in the first quarter of 2024.

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The Russell Group said this would mean that a full-time student living away from home outside London would receive 拢9,978. But if the loan had kept pace with inflation over the past three years,聽that student should be receiving 拢1,523 more, a total loan of 拢11,501.

There is no existing mechanism that can correct the loan amount if forecasts turn out to be significantly wrong, but the Russell Group called for a larger uplift this year so the loan would reflect actual inflation since 2020-21.

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鈥淭his change should be made in-year, ensuring swift support for students who might be struggling and ensuring loans keep up with costs,鈥� the group 鈥� which represents 24 research-intensive universities 鈥� said in a statement.

Tim Bradshaw, chief executive of the Russell Group, said universities were 鈥渄oing what they can鈥� to help students with the cost of living but remain concerned about how financial difficulties might affect their well-being and studies.

鈥淚t鈥檚 particularly frustrating to see those challenges exacerbated by the use of a model that means students are set to be 拢1,500 worse off next year, especially when it can be so easily fixed and it relates to a loan that is paid back by the student,鈥� he added.

鈥淲e are calling the DfE to take this opportunity to deliver a fair deal for students and improve the system so it is fairer going forward.鈥�

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In the longer term, the body called for further changes to protect against sudden rises in inflation and a review of the parental earnings threshold that determines which students receive the full level of support. This has been frozen at 拢25,000 since 2008, and the Institute for Fiscal Studies has said it should now be closer to 拢35,000 if it had risen in line with average earnings.

tom.williams@timeshighereducation.com