The cost of a college education is getting higher. Parents aren’t always able to fully fund their child’s education, so many students are looking for other options.
Luckily, student finance is available to help offset college expenses. There are many types of student finance. Availability is based on each individual student’s financial situation, mental and physical well-being, course load, and area of study.
Full-time students can receive student finance from the government. This student finance can come in the form of loans, which must be repaid after graduation, or grants, which do not require repayment.
What is student finance
Student finance can be used to cover the cost of tuition (loans for fees) or the cost of living (loans for maintenance). Additionally, student finance options can be combined. Some students take out loans to pay for expenses that their grants don’t cover.
Interest accrues on student finance from the date students receive them to the date they finish repaying them. The interest rate is linked to the rate of inflation, so the amount of student finance repaid is the same in real terms as the amount borrowed. Student loans can be obtained through the government or through private commercial lenders.
In addition to government assistance, student finance is also available from colleges. Students who don’t qualify for other types of student finance, or who need more help than the government will give, can apply at their school for a bursary or scholarship. Some extra assistance is available to students who are enrolled in certain areas of study, such as teaching.
Other scholarships reward high marks. The college will be able to give full details about the scholarships and other student finance options they offer. The amounts of school-level grants and bursaries in 2007/2008 ranged from approximately £300 and £3,000 a year.
Extra student finance is available to students with disabilities, or learning difficulties. Additionally, students with dependant children can have access to the Childcare grant or Parent’s Learning Allowance. Those with adult dependants can apply for an Adult Dependants’ Grant.Student finance is a must-have for hundreds of thousands of students in the UK.
Luckily, between loans, scholarships, grants and bursaries, there are plenty of student finance options available for students who need a little assistance to pay for their education.