Learn everything about student finance – bursaries, scholarships and student grants

Feeling overwhelmed at uni is something normal. Becoming a student is something radically different from anything that you’ve ever experienced and it is hard to go through this alone. Financially, this is a tough period in every person’s life, so it is essential to take advantage of all the opportunities available.

Scholarships, student grants and bursaries can a real help for many students, but in many cases, they are not appropriately informed and do not even know the differences between these three. In this article, we will teach everything you need to know.

What are grants, bursaries and scholarships and do you need to pay back for them?

A Bursary will be awarded based on financial needs, and it does not take other aspects into account. Therefore, if you have a poor financial situation, you might be eligible for a bursary. You should know that bursaries don’t have to be paid back. Sadly, not all applicants receive a bursary because their number is too big, so it is usually a first-come-first-serve policy.

If you have an excellent academic performance you might receive a scholarship. For this you, you might need good grades or you should excel in different areas.If you are wondering whether you have to pay a scholarship back, you should know that things vary. When you research University rankings it is also recommended that you take a look at what kind of scholarships each University offers. Some of them work like a contract and you might have to work for the organization that had funded the scholarship.

A grant can be considered some combination of bursaries and scholarships since it is awarded for both financial hardship and good academic performance. Grants don’t usually have to be paid back.

Other types of grants

There are other kinds of grants as well. For example, an SSG is a Special Support Grant that is available for people with certain hardships. You can be eligible for an SSG if you have a disability if you can claim a housing benefit or income support, if your spouse or parent is at university or if you are a single parent.

You will get the same money that you would get for your Maintenance Loan, but there will be no limits, which is a big advantage.

A Travel Grant will allow you to travel and it is usually used by students who study abroad. You will need to meet one or more requirements, such as being in a full-time university course or traveling abroad to study as part of your course.

A Dependants’ Grant is offered to persons who are financially responsible for other persons. The sum you receive depends on your household circumstances. It usually covers Parent’s Learning Allowance (known as Lone Parent’s Grant in Scotland), Adults Dependants’ Grand and Childcare. Fir Childcare you should receive around £145-a-week if you have a child, Adults Dependants’ Grant offers you around £2,700 per year and for Parent’s Learning Allowance you should receive around £1,500 per year.