How to Fund Your Higher Education Studies

A practical guide to funding Higher Education studies following the introduction of £9,000 tuition fees.

It is becoming increasingly difficult to finance educational studies in the current economic climate. The matter has been made increasingly difficult with the Coalition Government’s decision to triple higher education tuition fees to £9,000. This leaves undergraduate students facing debts of up to £27,000 for a three-year course, and that is before including other costs such as living expenses, transport, books and equipment etc. That said, a degree is still a very good investment. With graduates only required to start paying their debts off when they are earning a minimum of £21,000, the prospect of going to university is still a possibility for all.

But if money worries are getting you down, fear not. After all, a university education should be available to those with the ability to learn, not just those with the ability to pay. Most institutions understand this. Various incentives are offered by universities and higher education colleges to help students finance their studies. On top of this, charities, local authorities and industrial sponsorships can aid the financial strain that degree students are put under.

Our Higher Education funding guide has been designed to reassure students that a university education is still possible despite the financial barriers they may face.

What financial support is available?

A variety of factors can affect a person's eligibility for financial support at different universities. Location, age, grades, subjects and even gender can determine whether or not a person is eligible for funding. Therefore, it is important that prospective students research not only a university's reputation, but also the cost-effectiveness of the funding on offer. There are, however, a few funding avenues to explore.

Government – If you are a full-time or part-time student, you may apply for a loan to cover the full costs of your tuition fees. You will then only be required to start paying this back, in small sums, once you are earning £21,000 a year or more. However, the Welsh Government provides local students with a tuition fee grant of up to £5,425, meaning they only need to take out a tuition fee loan of up to £3,575 per year, wherever they study. For further information of governmental support available, please check the link to your country of residence's student finance office:

Charities – Local and national charities may offer financial support for resident students in their catchment area. For example, Alderman Newton's Educational Foundation provides grants for individuals from Leicester, and the Patricia and Donald Shepherd Trust provides financial support for students from Yorkshire.

Local Authorities – You could contact your Local Authority to see if they offer any support to students who are resident in the authority area. For example, Runnymede Council offers Grant Aid for individuals from Runnymede to help pay for educational trips and courses.

Higher Education Institutes – Funding from universities can range from free tuition to scholarships and bursaries that cover books and equipment. One of the main ways they do this is through financial incentives so, as previously stated, it is important to research the most cost-effective university for yourself dependent on subject, location and grades.

Advice for saving money

Here are some top tips for keeping costs down during your higher education experience:

Consider commuting by train and buying a 16-25 Railcard. For just £28, you will save 1/3 off rail fares for a whole year.
Buy second-hand books as they will be cheaper and then sell them on once you are done with them. Buying from new will burn a huge hole in your pocket.
Once at university, it is extremely important now more than ever for students to have a budget plan. Make a weekly budget and stick to it. Write down everything that you buy and then you will see where cuts can be made to save even more money.
Get an NUS Card. This will give you a wide range of student discounts, deals and offers from companies such as BT, Superdrug and Arriva.
Get a part-time job. That way you can earn and learn!

What next?

Use this portal to search through over 3,000 funding opportunities to help ease the financial burden of Higher Education study. Acquiring a scholarship or a grant can go a long way to making access to university possible. Take a look over the news sections to keep up to date with the latest funding opportunities and changes in the education sector.
Take a look at the website of your country of residence's student finance office to see what funding is available to help you obtain that all important degree.
Research different universities to see which would be the most cost-effective and consider your local university.