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
Many universities and colleges provide additional non-repayable financial support, such as bursaries, to students who are receiving the full Maintenance Grant or Special Support Grant. This means 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. Some students may be entitled to more than this. Scholarships are awarded by charities and educational trusts and along with bursaries, are paid on top of any loans or grants you may get and don't need to be paid back.
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 LEA, 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 instalments, 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 Employment Service.
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 costs and other costs, such as internet bills or tapes. The support is provided to the student free of cost. 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.
Print this page Email this page to a friend Add to favourites
