Unlike online learning, finances have always been the biggest concern for students looking forward to enrol in full-time university programs. So, if you are planning to apply for a regular university course, make sure to find out whether you are eligible for a grant, scholarship or alternative funding, a year before.
However, there is some good news for prospective students, who are set to start university in 2015. Fresher in the next year’s academic session have high chance of making their life tad easier by reducing their student debt, as some universities and businesses have decided to increase the bursaries and scholarships being offered to the students.
Do you know about numerous other unconventional education funding programmes?
On the other hand, many students do not even know about education funding offered by various other sources like charitable foundations. Moreover, it is not always essential to obtain triple A grades or be financially downtrodden to access education funding from these sources.
In January 2013, Karen Kennard set up the Scholarship Hub, which became one-stop source of information on available funding. Kennard says, “It can be confusing because funding comes from so many sources, and the information won’t necessarily be on the university websites. Since our launch a year ago, the amount of funding on our website has increased by 50 per cent and is worth an estimated £126 million.”
Universities and companies are set to increase scholarships
To attract more academic students, a large number of universities are planning to increase scholarships for high grades, whereas companies offer funds as a part of their corporate social responsibility or for marketing reasons.
While some scholarships are provided only if students fulfil certain specific criteria, for example, Range Rover offers £3,000, £1,000 a year, each for three female engineering undergraduates; most corporate scholarships only require a student to enrol in university.
So, when you are planning for financial aid, you have to consider options available in the form of scholarships, bursaries and grants. However, the difference between these options can confuse you. You should know that each of the terms refers to the money offered to students who are not liable to pay it back, though the terms can be used interchangeably by different organisations.
Access useful information about financial assistance
Prospective students can access useful explanation on the website of Scholarship Hub, but, usually, scholarships are meant for those, who have achieved something in academic or extra-curricular, which includes musical success or sporting.
Alternatively, students can ease out their financial strain by getting on a sponsorship scheme, where their degree is wholly or partly funded by an organisation or one of the armed services.
Under this scheme, you are offered a job or a seat on graduate training scheme after you obtain your degree. It involved working for the corporation on part-time basis and/or in the summer vacation. But, it is certainly an alluring prospect in the wake of narrow employment opportunities and student debt.
Above all, students have to keep in mind that there will be great competition for places in the universities and the financial assistance will largely depend on the success in academics. So, they need to choose the funding routes carefully and do proper researches work beforehand.