Managing my money for young adults
Managing my money for young adults

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Managing my money for young adults

7 Other sources of income and funds for study

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Figure 4

Although most students survive through student loans, there are other sources of funding. Two of the most obvious are:

  • personal savings, often built up by working before ‘going up’ to university
  • the ‘Bank of Mum & Dad’ – although the support that parents can provide will depend on their own financial circumstances.

But there are more potential sources of funds that should be researched.

Universities who charge more than the minimum fees for tuition are obliged to offer bursaries to students from low-income backgrounds. Students who are eligible do not have to repay these bursaries. Eligibility depends on household income, location and individual circumstances.

There are also grants and scholarships that can be applied for. Some benefactors are very specific about the types of student they will support, but there’s wide variation in eligibility. Again, these funds are normally not repayable. A letter of thanks is recommended if you gain financial support in this way. You can check out some of the scholarships on this site: scholarshipsearch [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] . Alternatively just search online for ‘student scholarships’.

Support, in the form of grants for students from low-income households, is also available from the Educational Grants Service.

Some funding could be available locally in the form of bursaries from organisations or individuals. Sometimes people leave money in their wills to support education. Ask your teachers and parents, and keep an eye out in the local press.

If you go to university as a ‘mature’ student (aged 24 years or more) there are loans available to help with tuition costs. You can learn more from Advanced Learner Loans.

Have you any opportunities to get grants and bursaries to support your studies? Take a moment now to record ideas, and follow them up. Who knows where making an enquiry or completing an application might lead? There’s nothing to lose!

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