Paula
As a student, you will likely know how student loans work. The government will pay for your education at university, and then you pay them back after graduation and once you earn over a certain threshold. A maintenance grant is also available of between £3,000 – £10,000 per annum; this amount will depend on your parent’s income and whereabouts you live in the country.
However, you may not be aware of all of the various other monies that are available to you when studying at university to support your learning. Here, we’ll take a look at FREE money you may be entitled to that you do not have to pay back, provided you meet the conditions and abide by the terms.
These are usually awarded in your first year of university for showing a high degree of excellence in your chosen subject at A-Level or some other extracurricular activity. Scholarships can be given if you have an aptitude for Music or Sports; they are designed to help you continue to develop your chosen discipline and nurture your unique talent.
Scholarships can also be given for ‘shortage’ subjects when the country needs people in certain professions, and usually, it is paid to the university to reduce your student loans.
For the past few years, Britain has desperately needed mathematics teachers in secondary schools, so rewards such as a ‘golden hello’ are awarded to students whose aim is to become one – but this is just one example of many. The NHS also offers similar scholarships for niche professions such as radiology or whichever field is deemed to be lacking that current year.
Academic scholarships for students showing high potential in regular subjects are usually very competitive, so do your research and apply early.
Bursaries are slightly different from scholarships. A bursary is a payment made by an employer or the university itself to assist students who may struggle to get through their studies without extra funds. In return, the student is usually obliged to complete their degree in full and may even do additional work for the employer to compensate.
Bursaries are usually means-tested based on your parent’s salaries and/or savings so that only those students most in need can apply for them. It is like a top-up to help you cover living expenses, but not intended for tuition – that’s what scholarships are for.
A grant is a financial payment made more often than not directly to you and usually for a specific need or purpose related to your studies. Students wishing to study abroad can sometimes be eligible for a grant from either the UK or EU funds, and if you intend to carry out some kind of research, then you can apply to various relevant bodies for a grant from them. You need to be in the academic sphere to apply for grants because the main purpose of them is to further knowledge in your chosen discipline.
If you are attending university against the odds, then universities often have something called a hardship fund. If you have children, especially if you are a single parent, then you are likely to receive some extra money to help you juggle parenthood and your studies.
These are also paid out to people who come from families with a low combined income. If you are an adult learner with financial obligations that may deter you from completing your studies, then these are designed to help. If you are disabled, have lived in care, or are classed as homeless, then you are likely to have a better chance of obtaining a hardship payment.
If you have children living with you whilst you are attending university, then you will be entitled to claim some form of child tax credits for their welfare. If you work less than 16 hours per week in addition to studying, you can also claim income support to increase your earnings. If you work over 16 hours per week, then it’s likely you should also be able to claim for some element of working tax credit too. Universal Credit is now the term for these payments. You will need to contact the job centre or use the government website to apply for this.
Do your financial research before you attend university, even as you’re attending your open days. You never know what is on offer from each university until you make the active decision to seek out what you can and can’t claim for. Financial support may even be a factor in you choosing to study at a specific university, so start early.
As a student, any extra money goes a long way to keeping you financially stable and, therefore, able to complete your degree. Don’t forget that banks also have special flexible rates and terms for students, including hefty overdrafts and long-term, low-interest student loans.
And don’t forget to get your student discounts. Totum, Unidays and Student Beans are the three top apps for student discounts. They cover everything from IT equipment and clothes to food and entertainment, you can also find good deals on insurance and even holidays.
For more money tips for students, check out our social media accounts on Facebook, Twitter, and Instagram. You can stay up to date with the latest uni news too on our blog here or quickly read 4 Great Reasons To Take Up An Internship Whilst Studying.
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