Bursaries and scholarships are key to unlocking higher education – Transparency of student funding must improve

For many under-resourced young people, going to university presents the chance of a lifetime. Yet, financial barriers are keeping them from getting off the starting line.

The cost of living crisis is wreaking havoc on young peoples’ financial stability. In 2024, average student accommodation costs in London soared to overtake the maximum maintenance loan available to undergraduates. And, as 65% are cutting back on food spending and other essentials, the number of students considering dropping out of university keeps rising.

A lack of clear information on financial aid compounds this problem. Scholarship, bursary, and hardship fund information is hidden in the depths of websites, creating unnecessary barriers for young people who already have the odds stacked against them.

The higher education sector must take action to protect student prospects and improve financial stability.

Solving the cost of living crisis: Improving funding and transparency

Firstly, funders must increase the value of scholarships, bursaries, and hardship funds in line with inflation.

Financial aid has the power to be transformative for a young person looking to attend university. Often, these funds weigh heavily on students’ decision to apply. Better financial support will unlock social mobility prospects for hard-working, talented, under-resourced young people, leading to a more diverse talent pool.

Although, universities mustn’t rely solely on government support to increase funding. Collaborations with private funders can create meaningful, impactful funding streams, and present exciting career pathways or placements opportunities for students.

For increased funding to be truly effective, the transparency of financial support options must also be improved.

Scholarships, bursaries, and hardship funds should be accessible through a centralised repository. All content about the financial support available to students should be presented clearly on UCAS Hub.

Furthermore, universities must act to improve communications around scholarships. Extra funding options should be displayed prominently at key touchpoints with students, whether online (for example, website homepages), or in-person (e.g. open days).

How can universities improve financial support?

The Access Project recommends that universities take the following actions to increase funding and improve transparency of financial aid.

• Create clear, accessible, user-friendly resources that demystify financial support. These resources should take care not to presume any prior financial knowledge.
• Host open workshops and webinars for under-resourced students on navigating costs and applying for financial support.
• Increase any university-owned funding streams to match inflation and the true cost of living.

How can bursary and scholarship funders counteract the cost of living?

• Partner with sector experts (universities, schools, and charities) to create targeted scholarships for under-resourced students.
• Ensure the application process for financial support is accessible and user-friendly.
• Create a communications plan to ensure target students are aware of their finance options and contact UCAS and relevant universities to ensure maximum visibility.

The Access Project: Cost of living and university choices

At The Access Project, we know that a university education is more than just a stepping stone. It’s a transformative experience for under-resourced students, paving the way for intergenerational social mobility. By ensuring greater and more transparent funding for low-income students, we can dismantle barriers to opportunity and level the playing field so that every young person can achieve their potential.

The Access Project helps young people from under-resourced backgrounds achieve their academic potential and place at top universities. By donating to our programme or volunteering with us, you’re helping the country’s most under-resourced young people find their way to a brighter future.