Money
16-19 Bursary Fund
The 16-19 Bursary Fund is a scheme intended to financially support the most vulnerable 16-19 year olds in full time education/training. The money will be distributed by colleges/training providers.
For more information, visit: www.gov.uk/1619-bursary-fund
Child Benefit
The HMRC (HM Revenue & Customs) contacts parents and carers about Child Benefit payments in the final year of secondary school (year 11) Child Benefit will stop on 31 August on or after your 16th birthday if young people leave education or training. If they continue to attend approved education or training parents/carers can continue to claim CB until their child's 19th birthday.
For further information, please visit www.gov.uk/child-benefit-16-19
Post 16 Finance - Employment/employed apprenticeships
If you secure an employed apprenticeship, or find full time employment, Child Benefit and Tax Credits/ Universal Credit payments will stop.
All employed apprentices must receive a wage of at least £6.40 per hour from 1st April 2024. In some cases this may be higher; this is dependant upon your employer.
From April 2024 the National Minimum Wage (NMW) was increased to the following by age group:
- 16 - 17 year olds & apprentices receive £6.40 per hour for employment and employed apprenticeships.
- 18 - 20 year olds receive £8.60 per hour for employment OR £6.40 per hour in the first year of an employed apprenticeship.
- 21+ year olds receive £11.44 per hour for employment OR £6.40 per hour in the first year of an employed apprenticeship.
These rates are usually revised on an annual basis April every year.
Educational Trusts & Grants
There are a number of local educational trusts that you might meet the criteria for additional money which you do need to pay back. Currently the local trusts include:
- Hull Education Foundation
- Leon Salingar Award
- Hull Youth Trust
- Alderman Sydney Smith Prize Trust Fund
To learner more about these trusts and see if you meet the criteria visit: https://www.hull.gov.uk/children-and-families/advice-and-support-young-people/educational-trust-funds
Other education trusts available for young people to apply to include:
For general advice on education grants available from trusts and charities visit The Scholarship Hub
Information on university bursaries and grants visit The Complete University Guide
For some courses in health (e.g. social work and nursing) there are extra NHS Bursaries
Funding for higher education
The following will help you understand the costs of going to university and will provide practical advice on budgeting whilst at university...
Student Finance England pages on Get Undergraduate Student Finance: Step by Step located on GOV.UK - Most universities offer various forms of financial support too, particularly (though not exclusively) to students from lower income families or applicants with special needs. You need to contact your chosen university to find out more information.
Disability Rights UK - provides advice on funding higher education for those with a disability here: https://www.disabilityrightsuk.org/fundinghighereducation
Useful websites and articles on financial assistance:
Which? - Advice on Student Loan Repayments
Money Supermarket - Budgeting Tips for Students
Money Saving Expert - Funding University
UCAS Advice on Managing Money - Student Budgeting And Money Management Tips | UCAS
Living Costs for Full-time Students - Maintenance Loans, Maintenance & Support Grants
Support for disabled students - Scholarships, grants, and bursaries: Disabled students | Undergraduate, Conservatoires | UCAS
Disabled Students' Allowance (DSA) - Disabled Students' Allowance (DSA) | Undergraduate, Postgraduate, Conservatoires | UCAS
Support for Disabled Students (FAQ's) - Frequently Asked Questions
Students with dependent children - Student Finance for Undergraduates
Students with dependent adults - Adult Dependants' Grants for full-time students - learn more here (ucas.com)
Care Leavers Financial Support - https://www.ucas.com/undergraduate/applying-university/individual-needs/ucas-undergraduate-support-care-leavers
Estranged Young People Financial Support - Financial Support for Those Not Supported By Family (Estranged)
Funding for Post Graduate students - Postgraduate Fees & Funding
