The Student Assistance Fund is managed by the National Access Office of the Higher Education Authority (HEA) on behalf of my Department and is funded under the National Development Plan, with assistance from the European Social Fund.
The objective of the Fund is to assist students, in a sensitive and compassionate manner, who might otherwise, due to their financial circumstances, be unable to continue their third level studies. The administration of the allocated fund is devolved to the individual third level institutions.
I approved an additional €3 million for the Fund to supplement the core allocation of €8 million to bring the total available to €11 million in 2012/13. The supplementary funding was approved in response to increased level of financial need among higher education students, based on information gathered by the HEA from 30 participating institutions on increased demands for the Fund in 2012/13.
The supplementary funding was allocated in a targeted way, taking account of the normal allocation model in conjunction with conditions at local level based on data gathered from institutions as part of a monitoring survey on the Fund in 2012/13. A number of factors were taken into account including the institutional estimates of demand and the proportion of the current allocation committed.
Institutions were requested to ensure that the supplementary funding be utilised to assist as many additional students in need as possible.
The supplementary funding was a once-off exceptional measure and the core allocation under the Fund remains at €8 million.
The Fund is expected to assist in the region of 16,000 students in this academic year.
