Scholarships: Funding for children's education

Scholarships, Bursaries and Grants Searches
As the cost of education continues to escalate, many of you will have to explore various ways to fund your children's education: scholarships, bursaries and awards are just some of the many options available.  Use the links below to access scholarship databases and access funds worth millions of pounds.  

A scholarship is awarded for academic promise or on the basis of a special ability in music, art, some other specialism or all-round merit; some schools give awards for drama, sport, design and technology. A bursary is a grant from the school to help you pay the fees. It is usually awarded after a means test of family income. Unlike a scholarship, it is not usually based on successful fulfillment of certain criteria; in some instances, the passing of a competitive examination.

• Scholarships, bursaries and awards available
• Scholarships by institution, charity and organisation
• Scholarships by charitable foundation

Sponsorship
A number of employers and related organisations offer sponsorships for students on full-time courses (usually undergraduate degrees).  These sponsorships can vary considerably.  They typically include guaranteed vacation work, or spending 6-12 months in work experience placements at various companies for those students who are on sandwich courses. 

Most sponsorships are in vocational subjects, such as engineering, construction and business-related fields. Competition is strong for the limited number of sponsorships available.

• Information and advice about sponsorships
• Wide range of sponsorship categories

Student Loan and Grant Calculator

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Calculating the costs of your children's education and figuring out how to cover that cost is a daunting task. The student loan and grant calculator will help you estimate the amount of student loans and grants your children could receive if they start a university or college course. The student loan and grant calculator will estimate how much money your children could get from the following types of help:

1. Student Loan for Fees
2. Student Loan for Maintenance
3. Maintenance Grant or Special Support Grant

• Student Loan and Grant Calculator
• Student Loan Repayment Calculator

Student Finance

• Guide on Student Finance
• Financial support for students in Higher Education

Students and Taxation
As students, your children are entitled to the same tax status as everyone else.  That means that your children are entitled to a Personal Allowance of £6,475 (2009/10) just like any adult, without being taxed. 

However, please check their tax code (see Children and Taxation).  If your kids decide to work during their studies, most employers put them on emergency tax codes if the employee's tax code is unknown.   Individuals allocated this code may pay excessive tax.  This is usually corrected with a refund once the correct code becomes known and applied.  

In addition, all government grants, most scholarships, bursaries and research awards are non-taxable.  Please check the fine print as individual awards may vary. 

Other related articles from MyEggNest

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Children and Taxation
How can I afford private education for my children?
How can I set up a trust fund for my children's education?

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