Student Finance

Here you will find out the key facts that you need to know about student finance when going into Higher Education. You can also visit the website www.gov.uk and the Student Finance, Loans and Universities section.

The first thing you need to do check what your own personal financial situation is before you even think about the decision over which university/college to choose and apply for.

You are able to apply for financial support through www.gov.uk on the section Apply Online for Student Finance. You can even put in your application before you accept the university/college place. You will also need to set up a bank account, if you haven’t done so already and ideally this should all be done by the end of May so that it will be made available for September.

Once you have applied for financial support:

A letter will arrive from Student Finance England providing you with information on what financial support student are entitled to, along with a finance declaration the student needs to sign and return. If this is not done then reminder letter will be sent, as it will effect your access to the funding.
Once the university place is confirmed there may be updates to the application for financial support that need to be made, for example your university may now be different or your families income may have changed.
Student Finance England can’t pay the maintenance grant or loan until the student has registered at their university. After this has been done the money will be put into the students bank account in three instalments through the academic year, straight into their bank account. The tuition fee will be paid directly to the college or university.
The loan does not need to be repaid until the student has left university/college, and are earning £21,000 plus a year.

The following expenses you will have to cope with when going to Higher Education include:

Tuition Fees - different courses and universities charge different fees, go to the UCAS Student Finance webpage to find out the up to date fees. These fees are generally paid upon starting the course and not upfront.
Course Materials - the materials you need to buy will be dependant on the course you are taking, with some courses you will only need to buy text books, while with others you may have to buy materials, tools and equipment for example in Fashion course.
Living Cost - If living away from home then the cost of accommodation needs to be considered, along with food, travel, clothes and other expenses such as mobile phone and the social side of higher education. Some universities provide a detailed estimate of the costs students are likely to incur. However the way the information is obtained it is advisable to work out a budget and try to stick to it as best as possible.

Full Time

If studying a full time course there are a number of ways funding can be obtained:

Grants and loans
Bursaries, awards and scholarships
Other funding schemes
Part-time work

Part Time

A great deal of part time students fund their courses via their employment and savings. If a student has particularly low income there is the possibility to get financial support to help pay the tuition fees and any other costs related to the course.

Grants and Loans

Student grants and special support grants don’t have to be paid back, and are provide to help students in higher education that are taking full time courses.

The maintenance grant a student will receive depends on the family household income, so if a student lives at home with parents it means the money their parents or carer earns. On the GOV.UK website it is possible to find out an estimate of what you will be entitled to using the Student Finance Calculator.

If the student or their family are in receipt of benefits such as income support or housing benefit, then they may be able to claim a Special Support Grant rather than the standard maintenance grant, but it is not possible to claim both.

The Tuition Fee Loan covers the cost of the course and is paid directly to the university or college and needs to be repaid once the course is complete and the student starts earning £21,000 plus a year.

Bursaries, awards and scholarships

These are payments made to students on top of the grants and loans and again doesn’t need to paid back. They are not open to all students or even universities/colleges. In order to get a scholarship the student may have to sit and exam, or obtain very high grades in their exams.

Again www.gov.uk has more information on this under the section Extra Money to Pay for University.

Healthcare and Social Work Bursaries

Some courses within Healthcare and Social work have bursaries attached as a way to encourage students onto that career path.

To find out more go to the nhs website

Dance and Drama Awards

Dance and Drama Awards (DaDA’s) offer annual scholarships to those students that have proven to be exceptionally talented, offering reduced rate tuition fees along with help with living costs for the length of the course. Students will need to audition and those judged to be the most talented and likely to succeed within the industry will be able to apply for means-tested support with fees and living costs.

More information can be found on the DaDA’s website

Alternative Funding Provisions

Sponsorship — where employer provide financial support and often work experience too. The support offered will vary company to company, for example they may for the entire tuition fees, while others may only pay a small bursary to the student. (It is worth remembering that there may be a certain amount of commitment expected from the student with a scholarship, for example if you have a bursary from the armed forces, you need to serve for 3 years once the course is complete).
University/college hardship funds — this may be available if the student is experiencing financial hardship.
Disabled Students Allowance — students that have a disability or mental health concerns or even a specific learning difficulty can apply for Disabled Students Allowance. Go to the website of Disability Rights UK, the section Supporting Disabled Students (http://www.disabilityrightsuk.org/supporting-disabled-students), and provide support and advise for disabled students studying at Higher Education in England.
Income Related Benefits — some students may be eligible to claim income related benefits such as Income Support, Housing Benefit, or Council Tax benefit. GOV.UK has Online Benefits Calculator to help students to check what they may be entitled too (remember this may not be accurate for students under 18 years of age).
Part-Time Job – this is a great way to supplement a students income. There are approximately 90% of students that are doing some kind of part time work or holiday work. This not only provides financial support, but can also provide excellent work experience and the development of employability skills that will be sought after once the course is complete.

Helpful websites

Students can also talk to:

Careers advisor
Student welfare officer of university/college
Student advisor at the bank