Lana Oconnell
University is expensive, and many students are forced to take out loans to cover the cost of tuition fees and living expenses. However, there are other ways to fund your studies without resorting to student loans. These include scholarships, bursaries, grants, crowdfunding, and sponsorship. You may also be able to get financial support from your university, the government, or charitable trusts. Planning your finances and budgeting is also important to reduce the cost of university.
| Characteristics | Values |
|---|---|
| Scholarships | Usually awarded on merit, i.e. if you excel at your subject or a sport. |
| Bursaries | Normally provide financial support based on your personal circumstances. |
| Sponsorship | If you can persuade a company that your university degree would make you a skilled employee, they may agree to help fund your tuition if you commit to returning to work for them after graduating. |
| Crowdfunding | Requires a convincing and engaging story and a marketing campaign. |
| Budgeting and planning | Making smart choices and budgeting can help you avoid debt. |
| Work-study programs | Some schools offer work-study programs. |
| Advanced Placement (AP) classes | Taking AP classes as a high schooler lets you get a head start on earning college credit. |
| Dual enrollment classes | Enrolling in college courses while still in high school can give you a head start on college coursework. |
| Student bank accounts | Most high street banks have accounts aimed at students, with benefits such as student rail cards and discounts. |
| University hardship funds | Your university may be able to assist you with money from its hardship funds. |
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What You'll Learn
Scholarships and bursaries
Scholarships are usually awarded based on merit, for example, if you excel at your subject or a particular sport. They are often provided by universities themselves, but you can also apply for scholarships from charities or trusts.
Bursaries, on the other hand, are typically awarded based on financial need or personal circumstances. For instance, if you have been in care, you may qualify for a student bursary from your university or extra funding from the government. Similarly, if you have a condition that affects your ability to study, you may be eligible for a Disabled Students' Allowance.
If you have a compelling story to tell and are willing to put in the time and effort, crowdfunding platforms like GoFundMe can be a good way to raise funds for your degree. For example, one student raised over £500 to cover her basic needs and tuition while her refugee status was being renewed.
If you are a US student, you must fill out the Free Application for Federal Student Aid (FAFSA) to be eligible for financial aid. This will determine what kinds of aid you qualify for, including federal grants, work-study programs, state aid, and school aid.
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Sponsorship
There are a variety of sources from which students can seek sponsorship. For example, sponsorships may be offered by private organizations, companies, or agencies. Many companies seek out international students for key job positions and offer them sponsorships, which can include scholarships. They may also be offered by a government body, as is the case with the J1 Visa sponsorship in the United States. Additionally, some universities have dedicated staff to support sponsored students, like Kaplan Pathways, which has a designated sponsor liaison in each study centre to maintain regular contact with sponsors and their students.
Students interested in securing a sponsorship should work with organizations willing to offer this kind of funding. It is important to note that schools will often not wait for funds to become available, so it is crucial that the funds are readily available. Additionally, students who expect to use promised employment funds to pay for their education may not qualify for sponsorship, as they must be able to make tuition payments.
It is worth noting that scholarships and bursaries are also forms of sponsorship, as they support a student's learning and living expenses while at university. Scholarships are usually awarded based on merit, such as excelling in a particular subject or sport, while bursaries are typically awarded based on financial need or personal circumstances. These can be offered by universities, charities, or trusts.
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Budgeting and saving
Choose an affordable school
When choosing a school, your priority should be affordability. In-state public colleges are usually the most affordable option for students. It is important to remember that graduating with a pile of debt is not ideal, so choose a school that won't leave you with hefty debt and mounting interest.
Apply for grants and scholarships
Grants and scholarships are great ways to fund your education without taking out loans. Grants are typically awarded based on financial need, while scholarships are usually merit-based. Scholarships can be awarded for academic or athletic excellence. Filling out the Free Application for Federal Student Aid (FAFSA) is crucial if you want to be considered for grants and scholarships. The FAFSA will determine the types and amounts of aid you qualify for, including federal grants, work-study programs, state aid, and school aid.
Take advantage of dual enrollment and Advanced Placement (AP) classes
If you're still in high school, consider taking dual enrollment or Advanced Placement (AP) classes. These programs allow you to earn college credit while still in high school, reducing the overall cost of your college education. AP exams are typically inexpensive, costing around $100 or less.
Open a student bank account
Before starting your course, open a student bank account. Most high street banks offer these accounts, which often come with benefits like student rail cards and other discounts. The most important feature to look for is a 0% overdraft facility, which can be a lifeline when money is tight.
Explore crowdfunding
If you have a compelling story to share and are willing to put in the effort, crowdfunding platforms like GoFundMe can be a great way to raise funds for your education. Successful campaigns have been run by students with diverse backgrounds, including those who have overcome challenging circumstances such as poverty and refugee status.
Remember, budgeting and saving for university is a personal journey, and you may need to adjust your strategies based on your unique circumstances. These tips can help you build a strong foundation for funding your education without relying solely on student loans.
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Fundraising and crowdfunding
Crowdfunding is a great way to raise funds for your university education. It is a way to raise funds for your education without having to pay it back. You can use platforms such as GoFundMe to crowdfund your university education. When crowdfunding, it is important to have a convincing and engaging story to tell and be willing to put in the time and effort to create a marketing campaign. For example, Roy Potter, from Hackney in east London, raised £30,000 through a crowdfunding campaign on GoFundMe to fund his postgraduate Oxford degree. Rama Rustom, a first-year Oxford student, also crowdfunded on GoFundMe after she was unable to access student finance due to her refugee status. She raised just over £500.
If you dream of working for a specific company, you can approach them about the possibility of sponsorship. If you can persuade them that your university degree would make you a skilled employee, they may agree to help fund your tuition if you commit to returning to work for them after graduating.
In addition to crowdfunding, there are other ways to raise funds for your university education. Firstly, you can focus on budgeting and saving where you can. This includes choosing a school that is affordable, as graduating with piles of debt is not ideal. In-state public colleges are usually the most affordable option for four-year schools. You can also open a student bank account, which often comes with benefits such as a 0% overdraft facility and student rail cards.
Additionally, you can take Advanced Placement (AP) classes as a high schooler to get a head start on earning college credit. Dual enrollment classes, which let you enroll in college courses while still in high school, can also reduce the cost of your college education. If you are a US student, you can fill out the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for financial aid, including grants, work-study programs, state aid, and school aid.
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Student bank accounts
A student bank account is a current account designed for those heading off to further education. Student bank accounts are designed specifically for university students and offer benefits that are not available with standard current accounts, such as freebies and interest-free overdrafts.
To open a student bank account, you will need to prove your student status. For example, NatWest requires a unique 16-digit UCAS code to confirm eligibility for their student account. You must also be 17 or over and have lived in the UK for at least three years.
Some student bank accounts offer incentives such as free products, travel discounts, cash rewards, cashback offers, and "exclusive" deals. However, it is important to consider the benefits that will be most useful to you during your time as a student. For example, an interest-free overdraft for three years or more may be more valuable than a freebie worth £20.
Some banks also offer accounts with no overdraft fees or non-sufficient funds fees, which can be beneficial for students who are not planning to use their overdraft facility.
It is recommended to choose a student bank account as soon as possible, preferably before starting university, to ensure you can access your funds as soon as possible.
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Frequently asked questions
You could try crowdfunding on a platform like GoFundMe, especially if you have a compelling story to tell. Alternatively, you could ask a company you've previously interned at about the possibility of sponsorship.
Crowdfunding allows you to raise funds for your education without having to pay the money back. It also gives you the freedom to focus on your studies without worrying about loan repayments.
It's important to have a convincing and engaging story to tell, and you should be willing to put in the time and effort to market your campaign.
If you can persuade a company that your degree will make you a valuable employee, they may agree to fund your tuition in exchange for a commitment to work for them after graduating.
Yes, you could look into scholarships, bursaries, or grants. These are usually awarded based on merit or financial need. You can also apply for financial aid by filling out a Free Application for Federal Student Aid (FAFSA) form. Additionally, you could consider opening a student bank account, as these often come with benefits such as a 0% overdraft facility.
