Financial information for parents/carers

It is worth researching what is available in terms of financial support. There are various options, some of which students are entitled to and some they will have to pay back at some point in the future. Generally, grants and bursaries do not have to be paid back, but loans do. It is important to make sure students are very clear about what they applying for so that they know what they will owe when they finish.

Investing in the future

It is worth bearing in mind that achieving further qualifications in science, technology, engineering or maths subjects may bring greater financial rewards in future employment when compared to other subjects. Research carried out by PricewaterhouseCoopers in 2005¹ showed that chemistry and physics graduates earn on average 30% more than those with two ‘A’ levels but no degree. Reporting on her research at the Institute of Education, Dr Anna Vignoles² stated “Some graduates in highly valued subjects, such as accountancy, will continue to profit from the amount they spent on their degrees. But others may gain only a small, or even a nil, return to their investment in higher education.” So the subject chosen is relevant to future earning potential.

1. Evaluating the Impact of Education on Earnings in the UK: Models, Methods and Results from the NCDS. R. Blundell, L. Dearden, B. Sianesi. The Institute for Fiscal Studies WP03/20; 2005.
2. http://www.timesonline.co.uk/tol/life_and_style/education/article2403006.ece

Alternative routes

There are a few routes to accessing higher qualifications which can help avoid building up too much debt.  One such scheme is the 2plus2 initiative for chemistry and physics. No previous qualifications are required, students start by studying two years part time with the Open University and then complete their degree by studying two years with one of the partner universities.  Financial support is available and students can work while they study. For more information see www.open.ac.uk/2plus2

Further information

The following websites provide detailed information on financial support including what is available in terms of funding, how to work out what students are entitled to and how they should apply:

UK wide

• Directgov describes how the Education Maintenance Allowance (EMA) could help if starting a course in September (for 16, 17 or 18 year olds). It also explains the guarantee of a maximum grant offered to students who go on to higher education.
• HERO provides a comprehensive guide to sources of financial help available to students including grants, loans, access agreement help and other benefits, scholarships and allowances.
• UCAS provides advice for students in specific circumstances e.g. students with children or care leavers, about special allowances, bursaries, scholarships and awards. This site also has an online bursary map of student bursaries on offer at universities and colleges in England.
• UNIAID is a student’s charity that gives young people independent financial help and support.
• The Office for Fair Access aims to promote and ensure fair access to Higher Education for under-represented groups.
• The ‘2 plus 2’ scheme is a new way of gaining a science degree. The scheme doesn’t require any previous qualifications and offers a combination of Open University (OU) study with full-time study at a face-to-face university. The two years of OU study offer an opportunity to earn full-time whilst working towards a degree.

England

• Connexions has a section on ‘Students and money’. Advice is given on how to budget, as well information about bursaries, sponsorship and charitable funding, student loans and Government grants.
• Student finance direct has a very useful FAQ section, including a helpful terminology section e.g. ‘What does income assessed mean?’
• Student finance England helps students work out the financial support they’ll get, apply for finance and keep track of their payments, and includes an online calculator to help estimate how much they can get.

Northern Ireland

• Student Finance NI provides various financial services and information for students in Northern Ireland wanting to go on to Higher Education.
• Careers Service Northern Ireland includes a useful guide to applying for financial support.

Scotland

• The Student Awards Agency for Scotland is specifically for students whose home is in Scotland, or for those planning to study in Scotland, and who want to apply for tuition fees, loan or grants for a higher education course. Also has information on sponsorship and scholarships.
• Careers Scotland provides details of funding for further and higher education, including sponsorship and trusts, Individual Learning Accounts (ILA) and hardship and discretionary funds.

Wales

• Careers Wales gives specific advice for Welsh students including information about the Assembly Learning Grant