It can be tough for students. Whatever way you do the sums, your full loan (and maybe grant) entitlement aren’t going to be enough to live the high life. Or even much of the low life, for that matter. Luckily, there are other sources of funding available to supplement your income.

• Bursaries, scholarships and sponsorship
• How to get your hands on the money
• Top tips for getting money in

Bursaries, scholarships and sponsorship

Britain doesn’t have such a well-established tradition of bursary and scholarship funding as the USA, but there’s still a fair pool of money available. Even better, the pool has got much bigger in recent years and is likely to carry on growing.

• Bursaries

A bursary is, basically, a gift of money to help you study. Universities that charge the maximum tuition fees have to provide bursaries for students who receive the full maintenance grant. The minimum bursary universities can offer students is £338 but in practice, many actually choose to make these bursaries bigger than they have to.

There are often also other bursaries available. In some cases they are open to anybody who feels like filling in the application form. Most, however, have specific criteria such as coming from a low-income background or a family with no tradition of higher education.

If you have any disabilities, children or other dependents or there are any other factors that might make it hard for you to study then you may well find that extra help is available. Bursaries for students wanting to study near home are also quite common.

Applying for bursaries can be a hit-and-miss process – their requirements can be quite specific or even downright bizarre, like if you play a brass instrument and live no less than three miles from a river! Just have a look around and try your luck.

• Scholarships

Scholarships are similar to bursaries in that they are also non-repayable grants of money. But whereas bursaries are normally made on account of your personal circumstances, scholarships are made for people with particular skills. For example, they are often available specifically for those who are good at sports or music, or awarded on the expectation of you maintaining a high grade average throughout the year. You could easily find some advertised by your faculty or department for those on a particular course as well.

• Sponsorship

Some employers will ‘sponsor’, i.e. help pay for, your studies. The offer is usually made on the condition that you work for them during and/or after university. There’s not a great deal out there but if you don’t ask, you’ll never know. As relatively few people approach companies for sponsorship you may find there’s less competition for any assistance a company can offer.  How likely you are to get the cash depends on the industry – specialised technical or scientific subjects, big businesses and the military are the best bets.

• Access to Learning fund

This is an extra pot of money designed to help those who find themselves in dire financial straits while studying. It’s an emergency fund rather than something to rely on when drawing up your budget. It doesn’t usually have to be repaid but is discretionary – your university decides whether you can apply and how much you are awarded. If you are an arts student and are expected to put on and fund an exhibition in your final year, it is well worth applying as it can really help you cover your costs.

Who is eligible?

• Mature students
• Students with children
• Students low-income backgrounds
• Final year students

You normally apply through the student services department at your university after you arrive – although the procedures are slightly different for each institution you’ll almost certainly be asked to provide a copy of your financial assessment from your local authority and a breakdown of your financial situation supported by bank statements, rent details etc. You’ll be expected to have applied for all of the loans, bursaries and grants you’re entitled to claim before you can apply to this fund.

How to get your hands on them

Start with your university/universities to which you are applying. Check their website for any additional source of funding. Be sure to check at university, faculty and department level as awards will often be quite  specific. Ask about any links they may have with employers or local industry (particularly if you’re doing a course that involves a work placement) – it might then be worth talking to those companies about the possibility of  sponsoring your studies.

Search the Educational Grants Advisory Service to see if they can help – if you meet their eligibility criteria you could get between £200 and £300 per year. The library can also be a great resource – ask for copies of  The Educational Grants Directory or The Directory of Grant Making Trusts, both of which are published by the Directory of Social Change.

Remember that you only get the maximum amount of financial support if your parents’ income is below a certain threshold. That’s because it’s (conveniently) assumed that your parents would like to give their student offspring extra money if they’re able to. In practice, many do, perhaps paying their rent, giving a monthly allowance or simply throwing extra pounds their way when things get tough. But there are no guarantees. Not all parents want – or can afford – to bail out their kids, no matter how the government has done its sums.

Top Tips

• Get to know your financial assessment from the local authority – see precisely what you have been awarded.

• Try to sort things out in advance. It’ll be easier for you to work out a budget if you know how much you’ll be getting from your parents – and when.

• Make sure you are with the best student bank account. (Don’t just be swayed by which account has the best freebies!)
• Ask your university, college and faculty for details of any financial support they can offer you.

• If you’re still struggling to make ends meet, then read more about getting a job, taking advantage of your overdraft and living as cheaply as possible.

Useful links

• DirectGov’s guide to bursaries, grants and scholarships includes a handy ‘How much could I get?’ tool
• Access to Learning Fund
• Directory of Social Change
• Educational Grants Programme