8 sources of finance for University study.

As an adviser I’m often asked about what financial help is available for students wishing to study at University. Although the main resource is Student Finance England there are other sources which are often missed. So in the best tradition of top ten lists, (even though there are only 8 in this case), here are the top 8 sources of finance.

1. Loan for Maintenance
2. Maintenance Grant
3. Bursary
4. Scholarship
5. Job (both before you begin study and part-time whilst studying)
6. Family (often known as the Bank of Mum and Dad but can include other people)
7. Savings/Borrowings
8. Sponsorship


Even if you are aware of some of these resources it is always work checking how much you can get and the costs of paying any loan back. In recent research people commonly underestimate the maximum value of loan and overestimate future repayments. Bursarys and Scholarships are another area where many people are unaware of what is available. To find out what you could get go to http://www.direct.gov.uk/studentfinancecalculator where you can find out what each University could offer you.  However Sponsorships can be difficult to obtain and some companies now prefer to offer them to students after their first year of Uni study.  They also tend to be in certain areas, such as the Military, or in occupation fields such as Engineering. Packages on offer can be excellent and not just focused on money, (management training and career exploration can also be part of the package),  but do check out the committment involved and ensure you are happy with what will be required as your side of the deal. Check out http://www.everythingyouwantedtoknow.com/student-finance/sponsorship for more info on Sponsorships

Receiving Educational Maintenance Allowance (EMA) and wondering about funding for University ?

If you are currently receiving EMA financial support and looking to go onto University you may be unsure how this financial support would carry on after you finish your level 3 studies. Originally the Government plan was that if you were already receiving EMA then you would automatically get a grant to study at University – this was the HESSG or Higher Education Student Support Grant. This policy has now been changed and although the government is committed to any student already receiving EMA progressing onto HE, you will need to go through the financial assessment again. This has been done to ensure that those people whose financial situation has improved since the original assessment are treated fairly as other people applying to Uni. If your circumstances are unchanged from the original EMA assessment then you will get a clear quote of the financial support you can expect. For more information contact your careers and skills adviser or Student Finance England http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/Gettingstarted/DG_171577