Grants for university students are having to be cut by the government from next year, after they had reportedly made an overspending blunder.

Although poorer students are unlikely to be effected, the Department for Innovation, Universities and Skills (DIUS) said they found a financial deficit of £200m.

Despite the DIUS improving student financial grants this year, according to BBC News the upper limit to receive a student grant will be lowered from £60,000 to £50,020 next year.

The decision will effect around 40,000 potential students and Shadow Secretary for Education and Skills, David Willetts told the BBC News Channel: "This is an uprecedented move and is a mis-management from the government."

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Student grants cut after government 'overspending'