Mature Students' Guide To Affording University Education

Returning to university as a mature student can be a daunting prospect, especially when considering the financial implications. Mature students often have larger financial commitments, such as mortgages, and may need to balance their studies with work or caring responsibilities. However, there are a variety of options available to help mature students afford university, including student finance, bursaries, grants, scholarships, and part-time work.

Student loans, grants, and bursaries

Student Loans

Student loans are a common way for mature students to finance their university education. The amount of loan you can get depends on various factors, including your family situation, household income, and the type of course you are pursuing.

In the UK, there are different organisations that provide student loans depending on where you live:

• Students from England can apply for a Tuition Fee Loan to cover their undergraduate course fees, regardless of where they choose to study in the UK.
• Students from Northern Ireland can apply for a Tuition Fee Loan if they choose to study outside of Northern Ireland, where the fees are typically higher.
• Students from Scotland and the EU can study for free in Scotland, as the Scottish Government pays their tuition fees. If they wish to study elsewhere in the UK, they may apply for a Tuition Fee Loan.
• Students from Wales can apply for a Tuition Fee Loan to cover their undergraduate degree anywhere in the UK.

It is important to note that there is no age limit on eligibility for Tuition Fee Loans, and anyone can apply as long as they are pursuing their first undergraduate degree.

In addition to tuition fee loans, there are also Maintenance Loans and Grants available to help with living costs such as food, accommodation, and travel. The amount of maintenance support you receive depends on factors such as your household income, whether you are studying full-time or part-time, and your living situation.

Student Grants

Student grants are another source of funding for mature students. Grants are available to anyone who satisfies certain criteria, and they do not need to be repaid. One example is the Maintenance Grant, which is means-tested and available in Northern Ireland, Scotland (known as the Bursary), and Wales. The amount of the Maintenance Grant depends on your household income, and it can reduce the amount of loan you are eligible for.

There are also specific grants available for students with special circumstances, such as the Special Support Grant. This grant is for full-time students with circumstances such as being a single parent, having a disability, or receiving certain benefits.

Student Bursaries

Student bursaries are pots of money with more specific criteria than grants. Bursaries may be available for care leavers, students on specific courses, or those from lower-income backgrounds. They can also be earmarked for particular expenses, such as childcare.

Bursaries are often awarded on a first-come, first-served basis, so it is important to apply early. They are typically offered by universities, colleges, charities, businesses, and local governments, and each scheme has its own eligibility rules.

Additional Funding Options

In addition to the funding options mentioned above, there are other grants and support available for mature students with specific needs. For example, there are grants and allowances for students with disabilities, students with dependants, and students with childcare expenses. There is also funding available for students on specific courses, such as healthcare or teaching degrees.

Furthermore, mature students may be able to access hardship funds from their university if they are struggling financially. These funds are typically assessed on a case-by-case basis and are intended to help students with serious financial difficulties.

Workplace flexibility and financial support from employers

Returning to study as a mature student can be a daunting prospect, especially if you are concerned about managing your finances. Many mature students balance their studies with work or caring responsibilities, and you may be wondering if your workplace will offer you the flexibility to pursue your educational goals. Here are some tips and insights on workplace flexibility and financial support from employers to help you navigate this journey.

Workplace Flexibility

Asking your employer for flexibility can be a crucial step in pursuing your education as a mature student. If your studies align with your current industry, your employer may be willing to accommodate your needs. Many organisations value ongoing learning and may offer flexi-hours, remote work arrangements, or even study leave. It is worth researching and communicating with your employer about these possibilities. Some companies provide study leave, and you may also be able to utilise long service leave or accrued annual leave to focus on your education.

Financial Support from Employers

In addition to flexibility, some employers may be willing to provide financial support for your studies. This support can vary and may include sharing the costs of your studies or offering a salary sacrifice arrangement. A salary sacrifice allows you to use a portion of your pre-tax salary to pay for your education, which can result in tax benefits. It is important to have open conversations with your employer about your educational goals and explore the options available within your organisation.

Part-Time Work and Online Learning

If you need to continue working full-time while studying, consider the option of part-time courses or online learning. Part-time study can provide a more manageable workload, and online courses offer the flexibility to study from home, reducing commute time. This combination of part-time and online learning can make it easier to balance your work and educational commitments.

Bursaries and Scholarships

Depending on your income, you may also be eligible for bursaries or scholarships. These are often available for mature students and can provide additional financial support. Additionally, if you are a parent or have caring responsibilities, you may be able to access further financial assistance to support your educational journey.

Student Finance and Loans

Student finance options, such as loans, are also available to mature students. The amount you receive can depend on your family situation, income, and the type of course you are pursuing. It is worth exploring these options and planning your finances accordingly.

In conclusion, returning to study as a mature student requires careful financial planning and consideration of the support available from your workplace and educational institutions. By exploring workplace flexibility, seeking financial support, and utilising part-time and online learning options, you can take control of your educational journey and set yourself up for success.

Part-time work

If you are studying part-time, you can also consider full-time work alongside your studies. This option may be demanding, but it can help you avoid taking on debt.

It is worth noting that, in the UK, mature students can apply for funding and student finance. The amount received depends on family situation, course type, and whether the student has children.

Credit cards and overdrafts

Credit cards can be a convenient way to build your credit score and manage your finances, but it's important to be cautious and understand the terms and conditions of your card. Some credit cards have high interest rates, which can cause financial difficulties if you're not careful. It's also important to make more than the minimum monthly payment to avoid paying more interest than necessary.

Overdrafts can provide a safety net for unexpected expenses or short-term cash flow issues. Some banks offer interest-free overdrafts up to a certain limit, which can be helpful for students. However, if you go over the limit or exceed the interest-free amount, you may incur additional fees and charges. It's important to understand the terms and conditions of your overdraft facility and only use it when necessary.

While credit cards and overdrafts can be useful tools, it's important to remember that they are forms of borrowing and should be used responsibly. Relying too heavily on credit can lead to increasing debts and financial difficulties. It's always a good idea to seek independent financial advice and explore other options, such as part-time work or applying for grants and scholarships, to ensure you have a sustainable source of income during your studies.

Student accommodation

The cost of accommodation is one of the largest expenses for students at university. The amount you pay depends on factors such as the type of accommodation, the city you're staying in, the amenities available, and the length of your contract.

Types of Student Accommodation

Private Halls

Private halls are purpose-built for students and tend to be more expensive, with weekly costs ranging from £150 to £450. They offer on-site facilities such as laundry rooms, gyms, and study spaces, and your bills are usually all-inclusive. Shops and other amenities are typically located nearby.

Renting a Flat or House

Renting a flat or house provides more independence and flexibility, but you'll be responsible for household costs and utilities on top of your rent. Costs vary depending on the city and the size of the property, ranging from £100 to £300 per week.

Shared Housing

Shared housing is a popular choice among students as it allows them to cut costs and socialise. The average rent for a shared room in the UK is around £125 per week. However, this option usually involves sharing a bathroom and living space, and you may not be able to choose your housemates.

Halls of Residence

Halls of residence, or university-owned properties, are often more centrally located and offer support services and social events. The rooms tend to be smaller, and you may not have control over who you live with. They are generally cheaper, with weekly costs ranging from £100 to £200.

Ways to Pay for Student Accommodation

Maintenance Loans

Full-time students can apply for a maintenance loan from the UK government, which covers accommodation and living expenses. The amount you receive depends on your household income and university location. For example, students in London, where the cost of living is higher, are eligible for more financial support.

Bursaries

Bursaries are monetary awards given to eligible students based on financial need. They are non-competitive, automatic, and do not need to be repaid. You can apply for a bursary directly from your university, and the amount can range from £200 to £2,000.

Scholarships

Scholarships are awarded to students who excel in a specific subject, sport, or music. They can provide significant financial support but tend to be highly competitive.

Part-Time Job

Many students take on part-time work to supplement their income and cover accommodation costs. This option provides not only financial support but also valuable work experience for your CV.

Savings

Building savings before starting university can help cover accommodation costs. This can include your personal savings or monetary gifts from relatives. Budgeting and planning are essential to ensure your savings are used effectively and spent on the right things.

Additional Considerations

Flexible Accommodation Options

Some universities offer flexible accommodation options, allowing students to pay for their accommodation on a monthly basis, which can help ease the financial burden.

Student Discounts

Take advantage of student discounts offered by various brands and retailers. These can help you save money on food, clothing, and other expenses.

University Support Services

If you're struggling to afford accommodation, remember that your university has student support services that can provide guidance on financial aid options, budgeting tips, and alternative housing arrangements.

Mature Students and Student Accommodation

Mature students may have concerns about fitting in with younger housemates or the misconception that student accommodation is only for those fresh out of college. However, data shows that in 2017-18, almost 60% of all undergraduates in the UK were aged over 21. Mature students can benefit from living in university halls, which often include amenities such as en-suite bathrooms and 24-hour safety, and provide opportunities to make new friends and have a short commute to lectures and seminars.

Additionally, some universities offer dedicated ''quiet halls'' for students who prefer a calmer environment, which tend to be popular with mature and postgraduate students.

In Summary

Frequently asked questions