With University costing thousands upon thousands every year, we take a look at some alternative ways of alleviating the cost of higher education in the UK. Specifically, grants, bursaries and scholarships should all be considered. Grants and bursaries are actually open to more people than you would expect, and contrary popular belief, scholarships aren’t as exclusive as believed. So read on to see if you are eligible for any of these finance types, and how you can apply.
From the outset, it should be noted that a tuition fee loan is a useful starting point. As good as grants, bursaries and scholarships are, they won’t be able to cover your entire tuition fee. Check out our guide here for funding at University. However, your tuition fee loan will, regrettably, have to be paid back. The beauty of grants, bursaries and scholarships is that these don’t require to be paid back, making them very appealing to students! As will be shown in this guide, there is much to consider here.
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There is a range of criteria here to satisfy, but grants are available. This is usually related to a programme such as study abroad, or if you are undertaking research (more germane to Masters/PhD students. Universities will often provide exchange program’s, or study abroad opportunities with partner Universities. Grants will often be a payment helping to cover part of the cost of this. To apply for a grant, you will have to go through your University. Each University will have different policies and requirements for grants – so be sure to consult the website of the institution.
Bursaries are closely linked to household income, but can stretch to specific courses e.g. Childcare. Bursaries are provided for student’s who might have encounter financial hardship due to their parent’s income. For the majority of student’s, a bursary won’t be applicable. In terms of applying for a bursary – you do this through your University. Allow plenty of time, as it is possible to be short-changed at University, leaving yourself in a vulnerable position.
University’s will commonly put aside some funds to try and attract high achievers. Both academic and sport scholarships available. Each University will need different requirements to secure a scholarship. Exceptional sports ability, or strong academic performance, can result in a scholarship – which usually results in a contribution towards your living costs, or a discount in tuition fees. Sport scholarships typically require a robust application process, while academic scholarships will sometimes need an exam to be taken. However, often enough, strong GCSE and A-Level grades are enough.
As seen, these are not easy sources of finance to attain. However, for some people they are relevant. Remember, if you are part of the majority – and go to University without any of these areas, and having to take out loans, it isn’t that bad, take a look at our myth-busting on student loans here. Our site is full of helpful information, be sure to have a browse. These three finance types can help you alleviate some of the costs involved with University – which always helps!