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Maintenance grant reforms: alternative funding sources for students

Joanna Faith
Written By:
Joanna Faith
Posted:
Updated:
03/08/2015

The Government recently announced that university maintenance grants will be dramatically slashed, leaving up to half a million students from poorer families in England with an uncertain future, both educationally and financially.

Although the changes won’t take place for a year, at the Royal Merchant Navy Education Foundation, we have compiled a list of alternative ways of supporting higher education.

 

  1. Grants – There are a number of other grants you could be eligible for other than maintenance, including special support grants and travel grants. Both special support and travel grants can be applied for alongside your normal application for student finance at gov.uk.

 

  1. Bursaries – Bursary criteria vary, but can be provided by a wide variety of educational establishments including colleges and universities. Bursaries are awarded for free and don’t need to be repaid. To find out if you could be eligible, speak to the university or college you plan on attending, as they will supply you with the funding direct.

 

  1. Charities – There are a number of not-for-profit organisations operating across the UK that are dedicated to the provision and facilitation of education. Again, criteria varies depending on the charity, as each is likely to focus on a specific age group, region or sector to allow for more tailored support. The Royal Merchant Navy Education Foundation, for instance, offers bespoke financial aid to the dependents of Merchant Navy, Fishing Fleet and RNLI seafaring families at any stage of educational development, including higher education, career training and apprenticeships. Don’t forget, charitable grants used in full are disregarded as charitable income when calculating additional benefits for which a student may be applying.

 

  1. Sponsorship/scholarship – Some employers offer to sponsor a student through their degree, with a view to offering them a job at the end of it. Both The Scholarship Hub and whatuni are good places to look for sponsored degree listings.

 

  1. Disabled Students’ Allowance (DSA) – If you have a disability, you are eligible to apply for a DSA. The amount of funding and support you receive depends on the condition(s) you have, but covers a range of physical illnesses, mental health issues and leaning difficulties such as dyslexia. To download the right forms and for further details on how to apply, visit the dedicated gov.uk page.

 

  1. NHS – Whether you’re studying for a degree in medicine or social work, you could be entitled to a bursary from the NHS, which could be up over £5,000 in some cases. To apply for this type of bursary, head to the Bursary Online Support System (BOSS) on the NHS website.

 

  1. Tax Credits – If you choose to undertake full-time study at a later point in life, you could get Child Tax Credit if you have dependents that are aged 16 and under. There is a free, simple to use calculator online at gov.uk which will provide you with an estimate of the credits you could get.

 

  1. Professional/Career Development Loan – This is similar to a standard bank loan, with the perk being that the interest is paid by The Skills Funding Agency throughout your time at university. It’s important to note however, that once you graduate, the loan and its interest falls back on to you – so ensure you are able to afford the monthly repayments.

 

  1. Make the most of student discounts – The vast majority of companies, businesses and retailers offer student discounts, from eating out to train travel to cinema tickets, there’s generally savings to be had. The best way to get the most out of student discounts is to get yourself an NUS card.

 

  1. Budget accordingly – Even if you are not eligible for any of the above, there are a wealth of online resources that can help you make a detailed financial plan, reminding you of essential outgoings that you might not have even thought about yet.


Charles Heron-Watson is chief executive of the Royal Merchant Navy Education Foundation

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