With the abolition of maintenance grants and having some of the highest tuition fees, in the world the cost of a degree in the UK is fairly high.
The burden is particularly felt by students from less well-off backgrounds, who often have to take out a bigger loan than their wealthier peers to fund their studies.
Research shows that one of the main barriers to getting more young people from under-represented groups into university is an aversion to taking on debts that appear ever more astronomical the poorer you are.
However, there is still financial support for less-advantaged students out there. Universities have to set aside a certain proportion of their tuition fee income to widen participation for certain groups of students – a large part of which goes into bursaries for those who can’t rely as much on their parents to help make ends meet.
Indeed, financial support accounts for far and away the largest part of universities’ widening participation budgets, often costing millions.
Universities have no minimum or maximum amount they need to spend on financial support, which means the amounts on offer can vary wildly between them. Eligibility is normally – although not always – based on parental income and students who might qualify for thousands at one institution may only be able to get a few hundred at others.
Financial support also comes under many different names – such as bursaries, scholarships, fee waivers so make sure you have a look at the many different avenues that are available to you.
Search on Ucas
The Ucas search tool includes details of the support on offer and who is eligible for each course. There will also be more information on individual university websites.
Universities normally offer different amounts on a sliding scale of household income so the less your parents earn the more you’ll get. Many bursaries won’t support students with a household income of more than about £40,000, although some set the threshold higher or lower.
Student loan application
Getting your hands on this funding can be relatively straightforward since universities will calculate who gets what based on the details they receive in your student finance application.
That is why it is essential to give the Student Loans Company permission to share your personal and financial information with the universities you are applying to when you make your student finance application.
Otherwise they won’t have access to the information they need to work out if you’re owed anything.
Many will also offer extra financial support for care leavers, which may also involve things such as help with accommodation over the holidays, so if you are leaving care make sure you notify the Student Loans Company of your situation when you apply. This is in addition to the care leaver’s bursary provided by local authorities.
It is important to do more research on the university website into what you’ll actually get, however, since it might not necessarily just all be money straight into your account.
Financial support could also take the form of discounts on accommodation or books, for example, while some universities might load money on to a prepaid card that you can only spend on certain things.
Knowing this will help you to budget better, and you can find more advice on managing your money on Which? University or MoneySavingExpert.
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Guide to student bank accounts in the UK
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Scholarships
There are many places that offer scholarships for students and its worth scouring the internet to find the one that suits you.
Use search engines such as Scholarship Hub to help you find one. Some scholarships are incredibly targeted and could provide exactly the support that you need.
Scholarships can come from many different places including charities, businesses, individuals looking to give back, organisations and many more.
Fee waivers and local area funding
You might also find offers of a "fee waiver" whereby universities reduce your tuition fees, meaning that you will end up having to pay less debt back in the long-term.
While less debt is obviously a good thing, remember that since your tuition fee loan is paid directly to your university and you only begin to repay it after university, fee waivers won’t actually give you any more money in your pocket during your studies.
There may also be additional money for students from the local area or who are studying specific courses. The latter are normally less straightforward to apply for, as they are often awarded based on exam grades or a high level or proficiency alongside financial eligibility.
You might also have to write an application explaining why you deserve and would benefit from the support, and go for an interview.
Charities
Certain charities and educational foundations also provide financial support.
These range from big organisations such as the Helena Kennedy Foundation to the smaller, more targeted South Square Trust. The exact nature of who and how they help is just as diverse.
For example, there are local charities that focus on supporting young people from their area to study at any university, while the George Viner Memorial Fund has grants for course materials solely for black and minority ethnic (BME) students on media courses. The best place to start is by visiting a website such as Unigrants, which allows you to search the different organisations and the support they offer.
Such financial support can make a big difference to individual students, but some experts have questioned whether it is effective in increasing the overall numbers of poorer students in the system.
It is certainly the case that – whatever you think of its fairness – the opacity of the current student finance system is off-putting to prospective students, and money might be better spent to make it more transparent.
Outreach activities earlier in a young person’s education can give them the knowledge and confidence to aspire to university in the first place, as the Office for Fair Access (OFFA) has argued. Financial support is not the only answer to social mobility in higher education of course, but if that carrot is dangling then those who can should definitely try to take a bite.
