An average of 2,470 students at Queen's University apply for a hardship fund every year.
Numbers applying to the University Hardship Fund have risen by 14.1% in the last five years.
But the number approved increased by just 0.4% in the same period.
A Freedom of Information Request shows that 557 students who applied to the fund in the academic year 2018/19 were rejected for assistance.
Alliance councillor for Lagan River, Eoin Tennyson, who studied at Queen's said costs for accommodation and transport are rising alongside pressures on mental health.
He explained: "Student hardship funds provide a critical lifeline in times of financial difficulty, and it is imperative that students are able to access these funds as and when required.
"I would urge the Department of Economy and Queen’s University to review the process and ensure students get the necessary support."
Applicants for the fund must detail information about their finances and exceptional costs.
They must also produce a personal statement about why they are struggling financially and how they believe their situation merits additional support.
Priority is given to:
- mature students whose return to university has caused them financial hardship,
- lone parents not in receipt of childcare grants, disabled students' allowance, and,
- students from low income families or those caring for a relative or who are homeless.
A total of 12,360 students made applications for emergency funding to Queen’s University Belfast’s’ Student Hardship and Student Support funds in the last five years.
According to Queen's University, the Student Support Fund is used to provide discretionary financial help for students who are experiencing financial difficulties whilst studying and comprises two funds, the Department for the Economy Student Support Fund and the University’s Hardship Fund.
And figures from the Students' Union suggest the average amount given to successful applicants from the fund is around £700.
The fund is granted on the understanding it is not repayable.
