A Freedom of Information request of all colleges in Scotland has shown that, of those who responded, 50% had overspent the bursary budget.
This means those institutions found the money provided to them by Government not enough to meet demand, and have been forced to dip into their own funds to provide the financial support students need.
The analysis comes after the Scottish Government proposed an £11m cut to student support, reducing the current £95.6m budget to £84.2m from August onwards.
Bursaries are discretionary funds provided to the poorest students in some of the poorest communities in Scotland, and are the only form of financial help provided to ensure people from all backgrounds can afford to study at college.
The SNP manifesto promised to protect the college bursary budget throughout this parliament and every SNP candidate made a personal pledge to do so as well (see note 3).
Given the current budget was clearly not enough there are fears that an £11m (11.9% cash-terms) cut could have severe consequences for the poorest colleges students.
Over 63,000 emails have been sent to MSPs through NUS Scotland's Our Future, Our Fight campaign, from students, staff and members of the community calling on the Parliament to protect student support budgets, and protect places, quality and local access.
Robin Parker, NUS Scotland President, said: "This analysis is incredibly worrying as it shows that even the current £95.6m budget was not enough to meet demand from the poorest students hoping to go to college just now.
"This year we've relied on college reserves but next year, given the cuts institutions are also facing, we won't be able to do that.
"The SNP's manifesto was clearly right in May to promise to protect this budget throughout the parliament, but they are now absolutely wrong to be proposing an £11m cut. This would be a cut to the poorest people in some of the poorest communities in Scotland.
"Over 63,000 emails have been sent to MSPs from people across Scotland through NUS Scotland's Our Future, Our Fight campaign asking them to fight this when it comes to voting on the Budget, and the Scottish Government must listen to this.
"At a time of high unemployment and youth unemployment in particular, this drastic cut to student support could price people out of college, and force them onto benefits, undermining the Government's own efforts to tackle youth unemployment in Scotland.
"How can we get people into training and education, and out of unemployment, when they can't afford to go or to stay through to the end of their course? This is not only unfair but it also makes no sense.
"We fully back the Government's aims to tackle youth unemployment but we have real fears that an £11m a year cut to student support could undermine the Government's new £10m-a-year Youth Employment Fund.
"As we approach the Budget vote, the Scottish Parliament must come together, listen to the tens of thousands of people that have contacted them, and protect financial help to the poorest students in Scotland.
John Spencer, Convener of Scotland's Colleges' Principals' Convention said: "Colleges have often used their own funds to help ensure demand for bursaries can be met.
"Colleges support the poorest and most disadvantaged young people in Scotland, and as we look to another three years of budgets falling and the additional costs of reform, it is important that all efforts are made to protect those learners.
"No student should face having to drop out of their studies because of bursary money running out."