Eleven UK universities have signed up to Aspire Cash, a new online platform that allows them to administer emergency funds almost instantly to students struggling with the rising cost of living.
The platform is thought to be the only one of its kind for students in the world. It enables universities, almost instantly, to give students both cash and vouchers that can be spent in supermarkets. Bursaries, hardship grants as well as the emergency cash/vouchers can be transferred on the platform directly into students’ bank accounts, saving universities hefty administrative and IT costs.
It has been devised by JS Group in collaboration with PayIt, Natwest’s open banking technology. It drastically reduces the heavy administrative and IT burden universities face when transferring urgent funds to students. Some institutions require students to wait several days for the money to be transferred to their account.
Seven universities are already using the platform, with more expected to do so in the coming weeks.
It comes as the sector considers how best to support students with the rising cost of living. A recent survey showed that the number of students asking for emergency cash nearly tripled between 2018-19 and 2020-21.
More than 80,000 students, whose universities have signed up to Aspire Cash, can now transfer allocated funds into their bank account via their online banking app. This includes vouchers that can be immediately spent on food at leading high street supermarkets. The universities can determine whether funds are released in one lump sum or in increments.
The platform will also provide crucial insights into what students across the country spend their money on. When students withdraw funds using the platform, they are asked to pick a category that describes what they will be using the money for. These include rent, food and groceries, household bills and transport costs.
Ben Dale, Chief Finance Officer at the University of Sunderland, said:
The cost of living crisis and the major impact it has on students is front of mind for every university right now. At Sunderland, we are working hard to identify and support the students who are experiencing hardship. Being able to get money to students 24/7 makes the task so much easier. Students feel instant relief when they know money is on its way today, this is a really welcome initiative for the whole HE sector.
The Aspire Cash process also reduces our administrative costs and gives us excellent data about what students spend emergency cash on. That really helps build our understanding of student needs and behaviour in the current climate.
The universities that have signed up to the new platform are:
- The University of Sunderland
- Ravensbourne University London
- University of Central Lancashire
- University of Wolverhampton
- Cardiff University
- Bucks New University
- University of Chester
- University of West London
- Salford University
- Santander Universities
- and Aston University
