The current maintenance loans/grants are a lot more generous than they were when I was at University. My accommodation costs and tuition fees totalled £600 more than my loan. My parents gave me a £40/week allowance on top of that to help toward living costs, though that was still well short of my needs.
Do you know what I did about that? I got a job.
A prospective student starting in September, financing themselves independently from their parents and going to University outside of London recieves a £4047 maintenance loan and a £3387 maintenance grant. That's a total of £7434. Add on a part-time job in a supermarket (12h/week @ £7/h) and you get a total of £11802. Taking Tax and NI into account (this student wouldn't be paying any) and that's equivalent to annual earnings of around £12850, above the minimum wage. Oh, and this student would only be working 12 hours per week during the summer to earn this, leaving them plenty of time to chill out, get some work experience or simply just earn more cash. If that supermarket gives this student full time employment over the summer annual earnings would be around £14800. Factoring in the tax and NI this student wouldn't be paying, that's the equivalent of around £16.5k/year.
If your finances are as bad as you say then your parents should be helping a bit more. The maintenance grant is intended for people from low income households in lieu of parental help. Your family should be topping up your income to somewhere in the £7k/year ballpark, either through cash, or through helping you to buy things you need.
The current system works fine. It's the current bunch of entitled, whining students that are the problem.