THE SNP have welcomed a £2400 increase to the amount Scottish students can borrow annually to support themselves through university, with Scottish Government ministers saying it will help to “break down barriers”.

From the start of the 2024-25 academic year – which will be next week for many local authorities across Scotland – students will be able to apply for the additional £2400 loan to cover travel, childcare and other costs incurred by study.

The total support offered to students who receive the loan will increase as a result to £11,400 for undergraduates and £13,900 for postgraduates.

The Scottish Government has said that the increase in funding will be a student equivalent to the Living Wage by paying out £12 per hour for 25 hours of study a week over a 38-week academic session.

Also, the earnings threshold above which Scottish borrowers make student loan repayments increased in April, from £27,660 to £31,395.

Higher Education Minister Graeme Dey welcomed the increase (Image: Getty)

Welcoming the news, Higher Education Minister Graeme Dey (above) said: “The summer months can be very challenging for students as they try to pay household bills without receiving funding – this is why the SNP Government has taken action to support students.

“In addition to increasing available support by £2400, taking it to £11,400 per year, students can now also spread those payments across 12 months instead of the current nine.

“Thanks to free tuition and enhanced support measures Scotland has the lowest levels of student debt in the UK and the SNP Government will continue to take every action to enable more people into further education.

“We have record numbers of students from disadvantaged communities getting into university – and it is SNP policies like this that will continue to break down barriers to further education.”

SNP MSPs including Claire Adamson and Kevin Stewart also welcomed the change, with Adamson saying: “These actions, alongside maintaining free tuition, mean that Scotland has the lowest levels of student debt in the UK.”

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The National Union of Students Scotland previously said the decision to introduce the new support loan for students in higher education was a “significant step”.

The Institute for Fiscal Studies (IFS) said in February that, between the 2013–14 and 2022–23 academic years, the annual available support had been cut in real-terms by £1600.

The think tank further noted that the “£900 cash increase [in 2023-2024] in the amount students can borrow was the first real-terms increase in at least a decade”.

That £900 increase brought the main undergraduate funding package up to £9000 per year, and the new increase takes it up to £11,400.

Previously, IFS analysis said that Scottish graduates could see a £5000 real-terms increase in lifetime student loan repayments if there is full take-up of new living costs support levels.