Poverty is one of the factors contributing to lower achievements and completion rates among black students in South African higher education institutions (HEIs). The approach in addressing student poverty in HEIs is predominantly financial through funding disadvantaged groups. While the multifacetedness of poverty is well documented, the nature of multidimensional poverty among students is little known. This study aims to provide an understanding of the nature of student poverty. The study adopts the capability approach that focuses on the wellbeing of individuals hence offering us spaces to explore poverty in a multidimensional and intersectional manner. A qualitative methodology was employed in this study using 4 focus group discussions with 24 diverse students and 3 in-depth interviews with university staff members. Findings elucidate the complexity and multidimensionality of student poverty with students experiencing deprivations in the following interconnected dimensions: basic needs, learning resources, living arrangements, participation and psychological wellbeing. The intersectionality of race, class, sexuality and religion contributes to the continuation of inequality and multidimensional deprivations in higher education. These findings have theoretical, policy and practical implications for HEIs to consider these deprivations when addressing poverty, particularly in supporting students' psychological wellbeing and their participation in university academic and social activities.