Finding a Scholarship to the School of Your Choice

Education is often at the top of a parents list from when their children are born right up to their late teen years, and most of the time it is the costs that are keeping mums and dads awake at night.

But it doesn't necessarily have to be that way. Around one fifth of children are eligible for financial assistance to pay for school fees, many of which are awarded scholarships or bursaries. These scholarships, or 'exhibitions' as they are sometimes referred to as, are usually reserved for those children with exceptional talent - typically in music or a similar art form.

Grab-a-Grant

The majority of this type of funding is supplied to students attending secondary schools and even though there are a handful of scholarships available to primary school children, these are very rare.

The process of receiving a scholarship of bursary of this kind usually involves a competitive examination in the specific talent field, and the funding available does fluctuate in size rarely covering the schools fees.

Some schools in the UK have now also look at the parents means before awarding bursaries or scholarships to potential students. This is because the funding is only enough to cover around 50 per cent of the fees and the parents are eligible to contribute the outstanding amount.

If you don't want to place extra pressure on your child by making them sit an exam in order to qualify for a scholarship, you could apply for a bursary if your school offers one. These are sometimes awarded to children whose parents fall into a particular category, such as teachers or the armed forces.

Government Help

The government has also stepped up to the challenge of giving children a better education, and is offering more financial to those from low and middle income families. The aim of this funding is to get more children to aim for university education. It is becoming increasingly necessary for children to gain a degree as it opens many doors to them as far as a career goes.

So, with this in mind, the government are offering a third of students that are eligible a non-refundable grant of up to £2,835 and a further third a partial sum of this amount.

It is estimated that by gaining a degree most students will enter the working world almost £30,000 in debt, and for those from low-income families, this burden of debt can be tough. The government have realised, especially recently, that many youngsters are put off going on to study at university because of the financial worry and have introduced this grant system as a way of helping these people into higher education.

And they haven't stopped there. Since 2006, students entering university education have not had to pay tuition fees before their course begins, only having to start repaying the fee loan once they have left and are earning over a certain amount.

And students that started university this September (2008/09) are set to get an extra helping hand when they complete their studies and want to buy a house or start a family. They will be entitled to a five year repayment holiday on their student loan, provided they remain in university education until 2011.