The maximum limit for SAAS maintenance loans will increase from £7,000 to £9,400 from September 2024 – a 34 per cent increase.
This means that young undergraduate students from Scottish households earning less than £34,000 per year can take out a maintenance loan of £9,400 per year, alongside a non-repayable bursary of £2,000 per year.
These are means-tested, so those from households earning between £0 and £33,999 may receive a maximum total of £11,400 per year.
Above £34,000, no bursary will be awarded, although they will still be eligible for a loan of up to £8,400 – a 40 per cent increase on September 2023.
You can check the 2024/25 household income brackets for maintenance loans here.
SAAS will continue to make one payment, and there have been no changes to the application.
Minister for Further and Higher Education Graeme Dey said in December that they introduced these measures to help students through tough economic times.
You can find further information on the special support loan on the SAAS website.
England’s maintenance loan increases
English maintenance loans will increase by 2.5 per cent from September 2024, roughly matching official inflation forecasts.
Critics argue this doesn’t rectify recent low loan increases against soaring living costs, leading to a real-term cut for English students.
In 2022, inflation surged to 11.1 per cent. Maintenance loans didn’t, leaving English students in 2023 almost £1,300 poorer than their 2020 counterparts, according to Forbes Advisor.
University of Stirling support
The University offers scholarships, including a new £1,000 cash award for all students in Year 1 from England, Wales, Northern Ireland, and Ireland.
Furthermore, the University runs a Money Wellbeing Clinic and money advice appointments for those concerned about finances. More information can be found on the University website.
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