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Article: Finance for Study for Young People

Summary

This article looks at the sources of financial help for young people continuing their education.

Further Education

16-19 Bursary Fund

You could get a bursary to help with education-related costs if you’re aged 16 to 19 and are either:

  • on a training course, including unpaid work experience.

The bursary can be used by you or your education/training provider, to pay for things like:

  • transport and lunch on days you study or train.

*This is not available in Wales*

Discretionary Learner Support Funds

If you’re aged 19 or over, on a further education course and facing financial hardship, you could get Discretionary Learner Support. (www.studentfinancewales.co.uk/)

Welsh Government Learning Grant FE

In Wales you can apply for a Welsh Government Learning Grant (WGLG) if you are studying in Further Education. You must be 19 or over and on an eligible course of Further Education at college. It is paid 3 times a year.

To find out whether you qualify got to www.studentfinancewales.co.uk/ .

Higher Education

Any course leading to a degree, a foundation degree, an HND (Higher National Diploma)/HNC (Higher National Certificate) or a DipHE (Diploma of Higher Education) counts as higher education. For these courses, you will have to find the money for your tuition fees and your living expenses.

To find out what financial support is available in Wales go to www.studentfinancewales.co.uk/ website. While at university or college you’ll have two main costs – tuition fees and living costs. To help cover these costs, the main types of finance are Tuition Fee Loans and Maintenance Loans and grants and bursaries. Grants and burseries do not have to be paid back. You will find a lot of useful information at :

www.careerswales.com/en/education-and-courses/how-can-i-fund-my-study/funding-for-students-at-university/

Tuition fees

You may be able to get help with tuition fees. How much you pay will depend on your income and that of your family. Check university websites to see how much each is charging for courses.

Students from Wales can apply for a Tuition Fee Loan of up to £9,250. Your entitlement does not depend on your household income. Further information is available www.studentfinancewales.co.uk/undergraduate-students/new-students/what-financial-support-is-available/tuition-fee-support.aspx.

Student loans

You will also have to pay for all your living expenses and it is generally expected that you will meet these from student loans.

Maintenance - Wales only

The amount of grant you’ll get will depend on your household income, but most full-time students will get a grant of at least £1,000. You’ll then get a Maintenance Loan to top you up to the full amount.

You could also be eligible for Chilcare Grant, Parents’ Learning Allowance, Adult Dependents’ Grant, Travel Grant, and Disabled Student’s Allowances. Find out more from www.studentfinancewales.co.uk/

Post Graduate students in Wales can apply for a Post Graduate Loan of up to £13, 000 for a Masters or £25,000 for a Doctoral course.

Professional and Career Development Loans (PCDL)

If the course you want to do is one that you can't get a student loan for, then you may be able to get a PCDL. The loan is the same as a bank loan, but you pay it back after you finish the course.

PCDLs are for people who want to study for a professional or vocational (work-related) course (which can include degrees and postgraduate qualifications). Courses can last for between one week and two years (three years if the course includes work experience).

Government-sponsored training

Government-sponsored training schemes are there to help unemployed people move into employment. They are designed to provide long-term unemployed people with ways of getting the skills they'll need in the workplace.

For information about what's available, contact Jobcentre Plus.

Ways of financing study

As well as loans, there are other possibilities you could look into for financing your studies.

These include:

  • Sponsorships
  • Scholarships and charitable awards

Some employers (mainly large companies), the armed forces and some professional bodies pay for students' tuition fees and living expenses. They do this mainly for HND and degree courses such as engineering and sciences, and sometimes business-related subjects.

Sponsored students are expected to work for the company during their vacations. When they graduate, they may be expected to take a permanent position with their sponsor, though this is not always the case.

Another form of sponsorship is where your employer pays for you to do a course part-time or by distance learning. If you feel that you cannot afford to go to college full-time or that you would like to earn money while learning, this may be worth thinking about.

Bursaries are available to pay for the costs of studying for some professionally oriented courses. These are usually available from the membership bodies related to particular professions.

An NHS Wales Bursary is available from NHS Wales. Social Care Wales manage a Social Work Bursary Scheme. If you are starting a full-time Initial Teacher Training Course (ITE) you could be eligible to apply for help with tuition fees and living costs through Student Finance Wales. ITE incentives are also available. You should ask your university about these.

Scholarships and charitable awards

Scholarships provide money for study without training in the workplace. They may be given for special research or travel, or to reward outstanding musical or sport ability. They are usually given by universities or professional institutions.

You could try raising funds to pay for your course from charities and trusts. The funds available are usually for people who are disadvantaged in some way or who belong to a certain group of people (such as a religious or ethnic grouping).

Sponsorships

Some employers (mainly large companies), the armed forces and some professional bodies pay for students' tuition fees and living expenses. They do this mainly for HND and degree courses such as engineering and sciences, and sometimes business-related subjects.

Sponsored students are expected to work for the company during their vacations. When they graduate, they may be expected to take a permanent position with their sponsor, though this is not always the case.

Another form of sponsorship is where your employer pays for you to do a course part-time or by distance learning. If you feel that you cannot afford to go to college full-time or that you would like to earn money while learning, this may be worth thinking about.

Bursaries are available to pay for the costs of studying for some professionally oriented courses. These are usually available from the membership bodies related to particular professions.

Scholarships and charitable awards

Scholarships provide money for study without training in the workplace. They may be given for special research or travel, or to reward outstanding musical or sport ability. They are usually given by universities or professional institutions.

You could try raising funds to pay for your course from charities and trusts. The funds available are usually for people who are disadvantaged in some way or who belong to a certain group of people (such as a religious or ethnic grouping).

Further Information

The Mix

Support and information services 25 year-olds and under

Website: www.thesite.org

Student Finance and Loans

UK government services and information

Website: www.gov.uk/browse/education/student-finance

National Union of Students (NUS)

Address: NUS HQ, 4th Floor 184-192 Drummond Street, London NW1 3HP

Tel: 0845 5210262

Email: nusuk@nus.org.uk

Website: www.nus.org.uk

Scholarship Search

Website: www.scholarship-search.org.uk

Student Awards Agency for Scotland (SAAS)

Scottish enquiries

Address: Gyleview House, 3 Redheughs Rigg, Edinburgh EH12 9HH

Tel: 0300 5550505

Website: www.saas.gov.uk

Student Finance Wales

Welsh enquiries

Tel: 0845 6028845

Website: www.studentfinancewales.co.uk

Student Loans Company

Address: 100 Bothwell Street, Glasgow G2 7JD

Tel: 0845 3005090

Website: www.slc.co.uk

The Directory of Grant Making Trusts 2012/13

Author: Tom Traynor Publisher: Directory of Social Change

Student Finance England

UK government services and information

Address: PO Box 210, Darlington DL1 9HJ

Tel: 0845 3005090

Website: www.gov.uk/contact-student-finance-england

Student Finance NI

Irish enquiries

Tel: 0845 6000662

Website: www.studentfinanceni.co.uk

Directory of Social Change

Address: 24 Stephenson Way, London NW1 2DP

Tel: 020 7391 4800

Email: training@dsc.org.uk

Website: www.dsc.org.uk

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