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Overspend sees student grants cut Grants cut over funding shortfall
(21 minutes later)
Financial support for students is to be cut after the Department for Innovation, Universities and Skills discovered it had overspent by £200m. Financial support for students is to be cut after the Department for Innovation, Universities and Skills discovered a £200m funding shortfall.
This year, the department expanded financial support, miscalculating that two thirds of students in England would get full (£2,835) or partial grants.This year, the department expanded financial support, miscalculating that two thirds of students in England would get full (£2,835) or partial grants.
But Universities Secretary John Denham said too many students were eligible.But Universities Secretary John Denham said too many students were eligible.
The U-turn means the upper limit to receive grants will now be reduced from a family income of £60,000 to £50,020.The U-turn means the upper limit to receive grants will now be reduced from a family income of £60,000 to £50,020.
The department had expected a third of students to qualify for the full grant - in fact 40% qualified.The department had expected a third of students to qualify for the full grant - in fact 40% qualified.
Thousands of better-off students planning to go to university next year will now not receive partial grants - money they would have received had they started university this autumn. Ministers got their sums completely wrong Stephen Williams, Liberal Democrats
The department said it could not yet say how many students would be affected. Thousands of better-off students planning to go to university next year will now not receive partial grants of a few hundred pounds - money they would have received had they started university this autumn.
Mr Denham said the move would help recover £100m of the overspend, while the remaining £100m will be recovered from departmental savings. The department estimates 10% of students - 35,000 to 40,000 - would be affected.
Mr Denham said the move would help recover £100m of the shortfall, while the remaining £100m will be recovered from departmental savings.
He said the new student support arrangements would only apply to new students starting in higher education in the next academic year.He said the new student support arrangements would only apply to new students starting in higher education in the next academic year.
Mr Denham stressed that students from poorer backgrounds would still get their full grants.Mr Denham stressed that students from poorer backgrounds would still get their full grants.
Existing students would receive the same support as they were entitled when they started at university, he added.Existing students would receive the same support as they were entitled when they started at university, he added.
Sums wrong
Liberal Democrat University spokesman Stephen Williams said: "Ministers got their sums completely wrong.
"This kind of incompetence is not going to persuade young people that the government is committed to supporting them with their studies.
"As we enter a recession, ministers are going to have to face-up to the fact that more students are going to be expecting to receive maintenance support in the years to come."