University leaders have warned that students will quit their courses this year due to the impacts of the cost of living crisis, and "immediate action" would need to be taken by the Government to prevent this.

Among ideas suggested by Vice-chancellors include bringing back the maintenance grant and providing targeted hardship funding for UK students.

New polling by Savanta ComRes found 67% of students in higher education are concerned about managing their living costs this autumn, rising to 85% of students over the age of 30.

Of those, more than half (55%) say this may prevent them from continuing with their studies, including eight in 10 postgraduate taught students.

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The main concern that students are worried about is the cost of utilities like gas and electricity, followed by rent or accommodation, and food.

Professor Steve West, president of Universities UK and vice-chancellor of the University of the West of England, said ministers “must step forward” with extra cash.

He said: “With inflation reaching record highs and energy bills soaring, (students) need extra support right now, before they decide their living costs are so high that they can’t afford to continue with their studies."

Additionally, he called for the maintenance grant to return, which was scrapped back in 2015 by David Cameron.

He added: “Universities are targeting available hardship funding where it is needed the most, but, with the value of maintenance loans falling to its lowest level in seven years, this will not be enough for many.

“We need immediate action from the new Cabinet to help students through the difficult winter ahead.”

Universities UK has claimed that it is limited in how much it can help due to the freeze on £9,250 annual tuition fees in England which means they are “already operating with a severely stretched funding base”.

In response to this, the University and College Union (UCU) made a point about the vice-chancellors’ remuneration, which ranged between £256,000 and £589,000 in 2020-21, to argue they could take more action.

Jo Grady, general secretary of the UCU, said: “It is not enough for vice-chancellors to merely call on the Government for more funding whilst pretending to be powerless.

“Universities are raking in record income, but that money is not being spent on supporting staff and students, where it is desperately needed.

“Instead it is being used to boost already overinflated vice-chancellor salaries and being wasted on vanity projects.”