Other financing options

There are other ways to finance yourself other than SF

by | Last updated 25th Apr, 2017

Student Finance, even though it may not seem it, later on it will be a big help towards funding yourself through university and keeping you afloat. So its no wonder that 93% of students said that they used student finance in our 2017 Student Survey.

For those that find that Student Finance is not enough and need other sources of finance, there are alternative that you can apply for to boost your finances.

Alternative finance

1. Grants

It used to be that you may of been eligible for a Maintenance Grant through student finance. This has been scrapped and grants have been replaced with higher maintenance loans. A Grant is money given by the government or another organisation that is intended for a certain use. These do not have to be paid back.

Even though it is sad that student finance do not supply grants anymore, there are companies and organisations that may pay a portion or all of your student fees in return for you working for them once graduated.

2. Bursaries

Bursaries are for students from lower income households, caregivers and child carers. Bursaries are also given to students who will be training with the NHS. If you are eligible for bursaries make sure you do your research and apply early!

There are usually a limited supply of bursaries available.

3. Scholarships

Scholarships are fiercely competitive and are awarded on educational merit. They are offered by all sorts of institutions, companies, and schools. To apply for these you will most likely have to write a statement and give evidence of educational merit.

There are many scholarships that aren’t based on academia and based on your sporting talents as well. If you have a real talent for something its worth applying for a scholarship as you won’t have to pay this financing option back.

4. Sponsorship’s

Sponsorship’s are usually given to students by companies who employ the student. Companies often sponsor their employees to take on training courses which may help them qualify into a particular role.

5. Apprenticeships

Apprenticeships are a good alternative to university, as you get paid whilst you get your degree. As an apprentice you will earn a wage, whilst working alongside experienced staff and gaining the job specific skills. You will also be studying for a degree or similar qualifications that will be paid for by your employer. It normally takes 1-4 years to complete an apprenticeship depending on the level or job. You can apply for apprenticeships at different levels of educations, so after you GCSE’s or Master’s degree. You can apply for apprenticeships while you are still in school, but once you start you must not be in education.

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OUR KEY TIPS

1. Always check your options as you may be surprised on what other options you have.

2. Don't be scared to apply. If you apply and don't get the funding, no harm done.

Have you ever thought or used an alternative financing method from Student Finance? Comment below and let us know.

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