Funding options
If the basics aren't enough to fund your time as a student, consider alternative sources of funding.
Funding options
If the basics aren't enough to fund your time as a student, consider alternative sources of funding.
Access to Learning Fund
This provides extra money if you're a full-time or part-time student on a course that lasts at least a year. To be eligible you need to be on a low income, in financial hardship, or need help for your course or to stay in higher education. Your university or college will look at your circumstances on an individual basis and will decide whether to pay you in a lump sum or installments. To find out more and apply for this fund, visit Direct Gov. If you're a student in Wales, a similar fund has been set up called the Financial Contingency Fund.
Bursaries and Scholarships
Universities offer students means-tested bursaries of between £319 and £4,000 a year, so make sure to take advantage of this. Students who receive the full Maintenance Grant and are being charged the maximum fee of £3,225 a year will receive at least £319 a year in additional financial support from their university or college.
Applications will either be handled by your university or by the appropriate government Student Finance service.
Some universities also offer awards if you are studying particular subjects, or academic scholarships for particularly bright students.
Other scholarships are provided by private companies and institutions such as the Bank of England and the RAF.
For example, the Royal Navy has recently opened applications for five scholarships, including medical and dental cadetships, which pay up to £16,625 a year, for students in the last three years of accredited degree courses. But don't think you can take the funding and run. All these sponsorship schemes require a certain period of service with the Royal Navy and anyone who leaves before they have completed this period of service may have to repay some or all of the money they received.
You can find out more about all these scholarships and sponsorship at scholarship-search.org.uk.
Career Development Loans
This is a deferred loan repayment system, run by the Learning and Skills Council (LSC) in association with Barclays, The Co-operative Bank and The Royal Bank of Scotland. Most high street banks now offer 'professional studies loans' which are schemes for students of medicine, dentistry, law, veterinary science and architecture.
Educational charities and trusts
These organisations often give money to very specific groups of students, and tend to issue small one-off payments to successful applicants. Ask around; try your Local Education Authority, Town Hall, local clergy, student union, careers services or Citizens Advice Bureau. There are also scholarships and prizes that can be awarded, so consult your college student services too.
Maintenance Grant
New full-time students from lower income households will be eligible to receive a non-repayable Maintenance Grant, worth up to £2,906 a year. If you're getting a higher level of Maintenance Grant, the amount you can borrow through your Student Loan for Maintenance will be reduced. The actual amount you will be entitled to receive will also depend on:
- Your household income
- Whether you're living away from home and studying inside, or outside, London
- If you're living at your parents' home.
This grant will be paid in three installments, one at the start of each term, just like your student loan. Visit UCAS to find out the latest rates.
Special Support Grant
If your household income does not exceed £39,305 and you fall under certain categories (such as being eligible for Income Support or Housing Benefit), then you may be entitled to receive a Special Support Grant. Students who are eligible for this will not be eligible for the Maintenance Grant. However, you can apply for the Maintenance Loan, which varies depending on where you live or study. If you are eligible for this, then your Special Support Grant won't be reduced. Different rules apply if you have a sibling or parent who is also receiving student support. Your Local Authority (LA) or Student Loans Company (SLC) will be able to give you more information if this is the case.
Student Loan for Maintenance
If you're eligible to get the maximum Student Loan for Maintenance (your household income is £25,000 or less), you could get maximum living costs of £6,643. If you're living away from home and studying outside London, you could get up to £4,745. Students who live at home with their parents could get up to £3,673. You'll be able to get 75% of this loan whatever your household income is. The money will be paid straight into your bank account in three instalments at the start of each term. Repayments are due from the April after you leave your course and you have to repay 9% of your earnings over £15,000. Make sure that the first application is in on time, otherwise the loan can arrive late.
Supplementary grants
These are non-repayable, and include: The Childcare Grant; Adult Dependant's Grant; Parents' Learning Allowance; Child Tax Credit from HM Revenue & Customs. For more information, including downloadable forms and guides, visit the student finance section of DirectGov or UCAS. You can also find out more information with the NUS, your local student services or the Job Centre Plus.
Disabled Student Allowance (DSA)
DSA provides extra financial support to students with a disability or learning difficulty, such as dyslexia. DSA can help pay for specialist equipment for learning, a non-medical helper, extra travel expenses and other costs, such as internet bills or tapes. The support is provided to the student free of charge. In order to receive this support, you will need to provide a letter confirming your disability. If you feel that you have dyslexia or a similar learning difficulty go to your student information centre and ask for a learning difficulties screening.
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