When was the new model implemented? To quote, "The New Funding Model (NFM) is designed to align funding more closely with the needs of individual students rather than institutions. This approach aims to better address the diverse economic backgrounds of our students and ensure that financial support is available to those who need it most."
Now the government is directly funding the most needy more and the least needy less, hence the drop. Before, the funding was per student that is why the graph goes up whenever you have more students before 2023/2024.
Wasn't this you earlier?
"You would think there would be more funding for Universities"
Then I bring you evidence showing that funding actually increased!