I think it needs reforming. People on less than 20k a year may need help for their kids. But between 20-30k isn't really justifiable. What would be better, would be free trips or subsidised trips, and FREE TRANSPORT.
A school trip to Paris, e.g. costing 250 quid could be subsidised, or a lecture costing 20 quid could also be subsidised. The leavers Ball and a yearbook in my school cost 50 quid together, not to mention cost of dresses/tux. I think it is unfair for poorer students to miss out on these things, but I think a more targeted scheme would be fairer to both taxpayers and better for the kids who won't have as much of an opportunity to waste their money.