Finance

Financial Aid Options Available to Students

Financial Aid Options Available to Students

Times are tough for everyone at the moment, as continued economic instability has seen families across the country plunged into poverty. The Consumer Price Index increased by 6.2% between February 2021 and February 2022, as energy bills and household goods rose significantly in price at the end of the previous year.

This difficulty extends to those set to embark on the next chapter in their education, as well; with costs rising ever-higher, university students are feeling the pinch more than ever before. While many may be considering resorting to alternative pathways, there are financial options available that could keep students in study and on their way to a degree. Here are some of the more common forms of financial resource available:

Scholarships and Grants

The first port of call for any student in search of financial support should be their place of learning. Universities can offer a wide range support options to undergraduate and postgraduate students alike, in the form of scholarships and grants.

Scholarships are funding options extended to students on basis of merit; exceptional performance at school or in their chosen field of study can open up subsidised study and other monetary dispensations. Grants are awarded to exceptional students based on financial requirements, where a student may otherwise be unable to study.

Private Lending

If you are not eligible for university scholarships or charitable grants, there are other ways in which you can generate funds. Part-time work can be a useful way to subsidise day-to-day living, but often is not enough to cover study and living costs together during a busy term. 

Private lending enables students to access sums of money in advance of their maintenance loans. Bad credit student loans are available for those with a bad credit history, or without a credit history at all; family and friends may also be able to front money for critical resources before your main loans come in.

Government Aid

Of course, there are some government-administrated options available to eligible students, relating to a number of criteria and mitigating factors. For example, students living with a partner who receives Universal Credit may also be able to apply for Universal Credit. Students with a child can apply for a Childcare Grant, and those with a long-term mental health condition or chronic disability could receive Disabled Students’ Allowance.

NHS Bursaries

If you are studying for a qualification as a doctor or dentist, you may be eligible for a non-repayable bursary from the NHS, as well as a fixed-sum grant and a reduced maintenance loan. Eligibility depends on your financial and living situation, but the amount you receive via bursary can also increase depending on the same criteria. 

If you qualify for an NHS bursary, the NHS will also pay your tuition fees – or a portion of your tuition fees if you start a graduate-entry accelerated programme. If you are an eligible full-time student, the NHS will also pay you a £1000 grant if you apply for a bursary.

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Miller Willson

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