8 sources of finance for University study

As an adviser I’m often asked about what financial help is available for students wishing to study at University. Although the main resource is Student Finance England there are other sources which are often missed. So in the best tradition of top ten lists, (even though there are only 8 in this case), here are the top 8 sources of finance we need to ensure is considered and explored.

1. Loan for Maintenance

2. Maintenance Grant

3. Bursary

4. Scholarship

5. Job (both before the student begins study and also issues re: part-time whilst studying)

6. Family (often known as the Bank of Mum and Dad but can include other people)

7. Savings/Borrowings

8. Sponsorship

Even if students are aware of some of these resources it is always work checking how much they can get and the costs of paying any loan back. In recent research people commonly underestimate the maximum value of loan and overestimate future repayments. Bursaries and Scholarships are another area where many people are unaware of what is available. To find out what students could get go to http://www.direct.gov.uk/studentfinancecalculator where it is possible to can find out what each University could offer.  The issue with Sponsorships are that they can be difficult to obtain and some companies now prefer to offer them to students after their first year of Uni study.  They also tend to be in certain areas, such as the Military, which can be an ethical issue for some students or in specific occupation fields such as Engineering. Packages on offer can be excellent and not just focused on money, (management training and career exploration can also be part of the package), but I do encourage students to check out the commitment involved and ensure they realise and are happy with what will be required as their side of the deal.  If you want to read more about this whole issue of finance and HE an interesting recent report is “The Role of Finance in the Decision-making of Higher Education Applicants and Students” – you can download a copy from the link below http://www.dius.gov.uk/~/media/publications/B/BIS-RP-009

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