Student Funding Options
If you’re heading on further into your studies, you might be both interested to find out about what assistance is out there for you, as well as be eligible, to take advantage of additional financial support. We’ve put together for you a list of funding options that students can apply for along with links to help you on your way.
Access to Learning Fund
If you’re on a course that lasts at least a year, this fund providers you with extra money if you’re either a full-time or part-time student. You’ll need to meet certain criteria to be eligible for this option, this includes being on a low income, in financial hardship or if you’re in need for your course to help you stay in higher education. Your circumstances will be looked at by your college or university where they’ll also decide if you’ll be paid in one lump sum or installments. To find out more visit the Direct Gov website.
Bursaries
If you’re receiving a full Maintenance Grant or a Special Support Grant, your college or university maybe able to provide additional non-repayable financial support in the way of a bursaries.
Career Development Loans
Run by the Learning and Skills Council (LSC), this type of loan runs on a deferred repayment system in association with the likes of RBS, Barclays Bank and The Co-operative Bank. If you’re on a course such as medicine, dentistry, law, architecture or veterinary science, most other high street banks will also be able to offer you a ‘professional studies loan’.
Educational Charities and Trusts
One-off payments are often given to successful students who apply for these type of grants. Try having a poke around your LEA, local clergy or even Town Hall to see if they have anything to offer. Scholarships and prizes can also be awarded – it’s worth getting in touch with your student services!
Maintenance Grant
Students that are studying full-time, and who are from lower income households, will be eligible to receive a Maintenance Grant that’s non-repayable which is worth up to £2,906 a year. Depending on a few factors, the amount you can borrow through your Student Loan for Maintenance will be somewhat reduced – these factors include:
- The income of your household;
- Where you live… at home, away from home, inside or outside of London
The Maintenance Grant is paid in three installments, just like your student loan. For more information, take a look at the UCAS website.
Special Support Grant
You maybe entitled to receive a Special Support Grant if you household income does not exceed £39,305 a year (as well as falling under certain categories such as being eligible for income support or housing benefit). If you take this grant, you won’t be able to take advantage of the Maintenance Grant – on the other hand, you will be able to look at the Maintenance Loan which does vary a little depending on where you live. For further information on this, contact your Local Authority or the Student Loans Company.
Student Loans for Maintenance
If your household income is £25k or less, you should be eligible for the maximum Student Loan for Maintenance which is £6,643. If you’re not living in London, this amount does come down to be in the region of £4,745 as long as you’re living away from home.
You have to start paying back this loan from the April after you leave studying ang have to pay 9% of your earnings over £15,000. Make sure you get your loan applications in early – they have a habit of sometimes being late!
Disabled Student Allowance (DSA)
Additional financial support is provided to support students with a disability or learning difficulty, paying for things such as specialist equipment for learning, extra travel costs, a non-medical helper along with other bills. Providing the student’s able to show a letter confirming their condition, the support is provided free of cost.