STUDENTS have welcomed the offer of Covid disruption payments as a "significant win".
Almost 40,000 students in Northern Ireland will receive the one-off discretionary payment.
Overseas students from outside the EU are not eligible.
The scheme will cost £22 million.
It forms part of a wider financial support package of £37.7m for higher education agreed by the executive.
The package also includes £8.5m to address student financial hardship, digital poverty and to support students' unions with mental health provision; £4.1m for the provision of a safe working, learning and research environment; and £3.1m to compensate universities for lost income arising from rental pauses and releasing students from accommodation contracts.
NUS-USI President Ellen Fearon said it was a welcome announcement after an extremely difficult year.
"Students have struggled throughout the pandemic facing financial stress, isolation, academic pressures, housing problems, additional caring responsibilities and digital inequality. It is imperative that the £500 Covid disruption grant is available to students as soon as possible," she said.
"This significant win comes after months of campaigning with and from our students' unions and student campaigners. We've seen almost £50m to support students this week.
"It's important that students who are not eligible for this grant, including part-time students and international students, are also financially supported. The majority of students in Northern Ireland are in further education yet they have largely been left out of this package. We need to see urgent investment to support these students."
Economy Minister Diane Dodds said the additional resources would help universities target financial support at those students who were most in need.
She said students in higher education institutions had experienced significant disruption since the onset of the pandemic and that this continued to have an impact.
"These additional resources will help universities target financial support at those students who are most in need. Many students do not have adequate access to devices or the connectivity they need in order to participate in online learning. Digital poverty must not be a barrier to learning and this additional support will help address that," Mrs Dodds said.
"I have listened to the many concerns raised with me by students, their representative bodies, family members, educators and institutions and will continue to do all I can to help them regain the learning experience they deserve."
The heads of both Queen's University Belfast and Ulster University also welcomed the intervention.
