{"id":4655,"date":"2023-10-06T11:56:35","date_gmt":"2023-10-06T10:56:35","guid":{"rendered":"https:\/\/jsgroup.co.uk\/?p=4655"},"modified":"2023-10-09T14:25:34","modified_gmt":"2023-10-09T13:25:34","slug":"shining-a-light-on-student-financial-support","status":"publish","type":"post","link":"https:\/\/jsgroup.co.uk\/jsgmar26\/news-and-views\/news\/shining-a-light-on-student-financial-support\/","title":{"rendered":"Shining a light on student financial support"},"content":{"rendered":"<div id=\"pl-4655\"  class=\"panel-layout\" ><div id=\"pg-4655-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-4655-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-4655-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>The JS Group is today releasing the UK\u2019s first ever analysis on how students are spending the cash that they receive from bursaries, scholarships, hardship funds and other such specialist investments through their universities.<\/p>\n<p>Hundreds of millions of pounds are devoted each year to supporting students who are in need of supplementary funds to enable them to cope, progress and thrive through their higher education experience.<\/p>\n<p>The JS Group is now able to track the specific spending patterns associated with the use of cash being drawn down by students from these funds.<\/p>\n<p>The <em>Shining the light on student financial support<\/em> report has identified these trends through the Group\u2019s dedicated partnerships with UK universities and via its own unique management and delivery of such funding through its Aspire Cash service for these universities.<\/p>\n<p>The analysis covers the latest full academic year (2022 to 2023) and draws on data from 53,049 students (across different universities) in receipt of a total of \u00a319.1-million of cash.<\/p>\n<p>The JS Group will now be able to provide valuable insight to the UK higher education sector as it uses this first report as an initial benchmark for tracking comparative investment and spending habits on a rolling annual basis. As new partner universities benefit from the JS Group over time then this nationally significant data will be further expanded and enriched.<\/p>\n<p><strong>This first ever report has identified:<\/strong><\/p>\n<ul>\n<li>The use of 134 types of specialist cash-based funding streams by UK universities (when it comes to investing in students who need particular additional funding support) \u2013 with an average of 12 streams being deployed by each individual university.<\/li>\n<li>An overall average of \u00a3360 being awarded to each student for the year.<\/li>\n<li>A total of 118,429 episodes of cash withdrawals \u2013 indicating that, across the year, each relevant student is drawing their cash entitlement in two instalments.<\/li>\n<li>That a collective 63% of the specialist cash funding is being spent on \u201ccost of living\u201d needs \u2013 such as household bills (over \u00a34-million or 25% of the total), food and other groceries (\u00a33.7-million or 22%) and rent (\u00a32.8-million or 16%). With further amounts covering: learning or course-related resources (\u00a31.9-million or 11%), transport to and from university (\u00a31.5-million or 9%), and personal wellbeing\/health support (\u00a3951,000 or 5%).<\/li>\n<li>Sizeable levels of cash are also being devoted to support students with their course placements (for example: nursing students attending hospitals) at a total amount of \u00a3788,000 \u2013 and also with their childcare costs (\u00a3435,000).<\/li>\n<\/ul>\n<p>In addition, <strong>the report notes differences in cash spending and use of cash between students based at universities across six main regions:<\/strong><\/p>\n<ul>\n<li>Those in the South East of England are allocated the highest level of cash (at \u00a3744 per student) compared with West Midlands based students (at \u00a3150 per student).<\/li>\n<li>Students at universities in the North East of England and the South East of England are devoting the highest levels of cash (at an average of 29% of their total specialist funding budgets) to paying off household bills.<\/li>\n<li>Students in Wales have the highest proportion of cash being spent on rent (at 33% this is double the sector average).<\/li>\n<li>Those in the West Midlands are spending double the average amount (17% of their total funds) on transport.<\/li>\n<\/ul>\n<p>Interestingly, there are also records of cash being spent by students on: care home fees for relatives, starting up their own business alongside their studies, and paying off overdrafts or other debts.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-4655-0-0-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-4655-0-0-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><em>\u201cThis report shines a light on the uses to which tens of thousands of students have put their specialist financial support,\u201d<\/em> says Peter Gray, CEO of the JS Group. <em>\u201cIt will now help universities to better understand the specific needs and concerns of their students \u2013 especially those in need of the greatest levels of financial support - when it comes to participating in the higher education experience. It will also inform improved targeting for these kinds of funds so that the cash is better directed to what students really want and need over time.\u201d<\/em><\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-4655-0-0-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-4655-0-0-2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p style=\"text-align: center;\">The <em>Shining the light on student financial support<\/em> report is available via this link<\/p>\n<p><a href=\"\/Insight-Report-Sept2023.pdf\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4619 img-fluid\" src=\"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-content\/uploads\/2023\/09\/insight-report-pdf.jpg\" alt=\"insight report\" width=\"260\" height=\"359\" \/><\/a><\/p>\n<p style=\"text-align: center;\"><a class=\"hwbd-inline-button central dark\" href=\"\/Insight-Report-Sept2023.pdf\" target=\"_blank\" rel=\"noopener\">READ THE REPORT <small><span style=\"color: #91a3c7;\">PDF<\/span><\/small><\/a><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>The JS Group is today releasing the UK\u2019s first ever analysis on how students are spending the cash that they receive from bursaries, scholarships, hardship funds and other such specialist investments through their universities. Hundreds of millions of pounds are devoted each year to supporting students who are in need of supplementary funds to enable<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" aria-label=\"Shining a light on student financial support\" href=\"https:\/\/jsgroup.co.uk\/jsgmar26\/news-and-views\/news\/shining-a-light-on-student-financial-support\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":4658,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/posts\/4655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/comments?post=4655"}],"version-history":[{"count":0,"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/posts\/4655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/media\/4658"}],"wp:attachment":[{"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/media?parent=4655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/categories?post=4655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/tags?post=4655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}