NASMA and the NUS team up to launch student monthly payment petetion

Posted: 11-10-2013

Time to end arcane student finance rules: NASMA and NUS say give students a monthly pay day.

In a bid to give students in Higher Education improved access to regular payments of student finance, the National Association of Student Money Advisers (NASMA), supported by the National Union of Students (NUS), is launching an e-petition to make the matter the subject of parliamentary debate.

Full-time students currently receive their funding for living costs in three large instalments during the year, a relic from a time before bank transfers, when students used to receive their grants by cheque.

 

Many students are managing their own finances for the first time, and these large instalments make the challenge all the greater, as revealed in the key findings of the NUS’ Pound in Your Pocket Research: “Students… want more cash support such as loans, grants and bursaries, with a high frequency of payments, either weekly or monthly depending on the level of study”

 

Commenting on the petition launch, Phil Davis, NASMA chairperson said, “While financial education will undoubtedly help, on its own it is not enough.  No other group in UK society receives income on a basis like this; we therefore believe the government and the Student Loans Company should introduce monthly payments to full-time students.  This in turn will mean that students will have an increased opportunity to successfully manage the transition into higher education (HE) and independent living and later into their graduate careers.”

 

 “Our aim is for this campaign to improve the financial situation of all higher education students throughout the UK.”

 

Colum McGuire, NUS Vice President (Welfare), added, “NUS’ research shows that students want this change, and that it would help them manage their money better. It’s ridiculous that we aren’t using modern technology to update such an archaic payment pattern, but it will take some political will to change.”

The petition hopes to gain 100,000 signatures to ensure a debate on the floor of the House of Commons, as well as encouraging the Welsh and Northern Ireland assemblies to debate the issue.

 Notes for editors

 

The e-petition is available to sign at: http://epetitions.direct.gov.uk/petitions/55629

 

Higher education undergraduates in England, Wales and Northern Ireland are paid termly, with the exception of NHS-funded students who have monthly bursary payments. Students in Scotland have received their student funding in monthly payments since the 2007/08 academic year.NASMA is the National Association of Student Money Advisers. We have members in all four countries in the UK and collectively we are recognised as a leading authority on all matters relating to student advice and funding. NASMA members work across the UK and are employed by universities, colleges and students’ unions, directly supporting the 7million students in the UK. We work closely with national decision makers and their influencers on student finance policy. In addition we work with other relevant sector organisations to promote the needs of students and our member

NUS (National Union of Students) is a voluntary membership organisation which makes a real difference to the lives of students and its member students' unions. We are a confederation of 600 students' unions, amounting to more than 95 per cent of all higher and further education unions in the UK. Through our member students' unions, we represent the interests of more than seven million students.