It is often treated as a delicate subject, but the idea of ‘learn more to earn more’ has never been more true as on average if you have a good quality degree and qualifications then you are likely to earn more over your career.
This has a domino effect; as if you happen to lose your job you will be in a better position and have a great chance of getting back in employment if you have a solid education and experience behind you.
However, you don’t have to go to university for most roles and many people are currently using a vocational patch to achieve their educational goals and from this still have an excellent career.
Let’s say that you have made the choice to continue your education journey and are looking for some financial assistance to cover the costs, the information below covers the types of funding available and how you can make an informed decision about what might be suitable for you.
Scholarships
We have all heard of scholarships in private schools etc. This can apply for university also and you can receive funds directly from the university if you meet the eligibility criteria. This is usually to do with your personal circumstances and household income. Scholarships are usually available via an organization whether it’s an enterprise, university or professional training organization. They can also depend on the subject you are interested in.
Bursaries
Bursaries are often given the same name as grants but are different in some ways. Bursaries are usually linked specifically to a certain course or qualification. It’s important to remember not all courses are available locally to you and sometimes it could be you need residential support to help with living away costs in order to enroll on the course. Some specialist private academies can offer help with fees and living costs. Generally, these are applied for at the school.
When you leave school every young person aged between 16-19 is generally able to access funding for their “First Level 2 and/or Level 3 qualification” equivalent to A Levels. Residential support scheme has a breakdown of eligibility criteria usually anything below £30,000 per annum should mean you receive some kind of annual funding. https://www.gov.uk/residential-support-scheme/eligibility
Grants
Again similar with bursaries, grants can be available but generally to those over the age of 19. There are many different types and source but most frequent come from charities, trusts and trade unions.
Discretionary learner support overview is generally available for those who are currently working towards a qualification or course but are suffering some financial hardship. This is not something you can apply for from the government. You must apply directly from the training provider. This is not generally capped and goes directly on your circumstances.
https://www.gov.uk/discretionary-learner-support#overview
Family action is a great charity than focuses primarily on strengthening families and communities to build skills within welfare and education.
https://www.family-action.org.uk/what-we-do/grants/
Advanced Learning Loan
Advanced learning loans work very similar to a university loan and used to be aimed at those who are aged 24+ to pay college fees for level 3 and level 4 courses. However, is regularly used for things like apprenticeship funding or NVQ’s.
One the main benefits is that there is no credit check and works like a university loan in terms of not having to pay anything back until you are earning over £21,000 and interest rate is extremely small.
In May 2016 they actually changed the goal posts and now available to anyone aged 19 or above can apply for courses starting in August 2016!
Like any piece of funding you must be eligible! Check out the link below.
https://www.gov.uk/advanced-learner-loan
Free Learning / Essential Skills
Very similar to when you may first start college you have to complete Maths and English usually at Key Skills. Most English and Maths courses are free and certainly will be if you are heading for your first GCSE or A Level.
If you work for a large organization with over 250 employees, you can request time to study. This is known in the wider world as “Time to Train” you must have worked for that employer for over 26 weeks before you can apply.
https://www.gov.uk/improve-english-maths-it-skills
https://www.gov.uk/training-study-work-your-rights
Student Finance
If you are at the stage where you would like to retrain or complete a higher education course, there is always plenty of information in regards to financial terms and generally can speak to student support about the different type of options available to you.
It is essential you apply to Student Finance England who regulate the funding and provide all information before a tight deadline otherwise you will miss out.
https://www.gov.uk/student-finance
Postgraduate Study
Is a very competitive business and more so if you leave it late! Funding applications for both research and taught courses have usually got to be completed and submitted by the spring before starting study in autumn. There is lots of information on postgrad opportunities on the internet and include types of study and benefits.
https://www.gov.uk/funding-for-postgraduate-study
https://www.prospects.ac.uk/postgraduate-study/funding-postgraduate-study
Hopefully some of this information should help you in your quest to finding some funding in the future!