Student Funding

Back in the good old days the government used to subsidise student studies in the form of student grants, nowadays however things have changed. The government has introduced a fee structure for all students going into further education and the majority of us now have to pay our own way. the following information gives the low down on the options available to all students on their way through student life.

The first port of call is for your parents or spouse to be means tested, which in general terms means that if they earn over a certain threshold then you will receive no support from your Local Education Authority.

Student Loans are a must for all students nowadays, and believe it or not they come with very good benefits. The saying goes that no loans is a good loan, however student loan nearly are the exception to this rule. When you take out a student loan you have the piece of mind knowing that you will not have to pay anything back until you have graduated and find gainful employment over a certain salary. They also have the lowest interest rates available compared to other mainstream loans.

Hardship Loans are available throughout all universities via a special hardship fund. Each individual that applies for a hardship loan can expect up to £500 if they are accepted. Be prepared however to only be accepted if you have a very good reason for applying and you can back this up with written evidence such as bank statements and final demand bills.

Career Development Loans (Up To £8,000) can be applied for through the DfEE in conjunction with your high street lenders, and provide a way of helping certain students who study specific courses such as Medicine or Law.

Sponsorship has been around since the beginning of time, and are a great way to put yourself through higher education. These organisations agree to sponsor students throughout their student life however this is a two way process. usually at the end of the sponsorship term you are expected to give something back, usually in the form of working for the company afterwards on a lower salary than normal.

Educational Charities & Trusts are institutions that provide cash to certain groups of students. This is however dependant on many things such as where you live, what you may be studying etc. Speak to your local Citizens Advice Bureau for further details.

 

Read Part 5 Student Money Management