Your Finances

For any undergraduate student, are an effective way of completing their course without gaining huge amounts of debt from and .

Through sponsorships, organisations provide financial assistance to help students support themselves throughout their studies. In most cases, organisations will provide opportunities for the student(s) to gain work experience in their company before they enter the workforce full-time, this experience normally relates to the career ambition of the individual or the subject that they are studying. In addition, some may even be able to help with providing research material for assignments and .

As the opportunities and benefits offered with sponsorships are worthwhile for students, competition can be extremely strong, as there are a high number of students who apply each year. This makes it crucial for anyone who wants to be successful in gaining sponsorship to be determined and ready to put in the time required for preparation.

The types of awards that are provided through sponsorships are wide-ranging and can be diverse. For example, awards can be anything from a full annual salary to for accommodation and equipment. The value of the award is not only dependent upon the organisation and sponsorship type, but also the potential that the individual shows in adding value to the company later.

The types of organisations that offer sponsorships can also be very different depending on other factors such as industry type, range of products and organisation size. Some examples of organisations that provide Sponsorship Schemes include retailers, banks, universities, charities, and local government departments.

As mentioned above a variety of organisations offer Sponsorship schemes, and it would be impossible to provide detailed information on the many offered. However, the section below aims to provide some guidance on the impact of undertaking sponsorship schemes with three different types of organisations.

This is one of the most common types of sponsorships offered to students, however it is also the most sought after. Obtaining sponsorship awards from companies is extremely useful if you are intending to follow a specific career once you have completed your course. This is because the commitment that companies require normally takes the form of requiring you to work for them throughout the summer holidays, and also requiring you to take employment with them for a specific period of time once you have completed your course. It is because of this that you need to be sure of what you want to do once you have completed the course. If you have any doubts at all that you may not want to wok for them once you finish, you need to be extremely careful about accepting their support.

Once you have accepted the company's support you will be legally committed to them with the terms that they have offered. This is because many companies who provide sponsorship will require you to sign a contract that stipulates that if you do not keep to the agreement, you will be bound to pay back the money that they have invested in you.

Despite these clauses, the awards that companies offer can be substantial. They can be anything from money to help with your living costs to paying for your . In addition to this the time period for which companies provide sponsorship is also varied, with some offering support for the entire length of the course whilst others offer sponsorships for specific periods of the course such as the final year.

If you are interested in obtaining company sponsorship, in the first instance you will need to ring their Human Resources department to gain some information on the schemes that they offer if at all. From this, it is likely that they will ask you to send them a letter outlining the potential benefits that they may gain from investing in you.

These types of sponsorships are where charities have a set of foundations or trusts that are dedicated to providing educational assistance. These forms of funding may be provided because they want you to work for them once you have completed your course or alternatively, and more than likely, it is because of the background of the individual may include a hardship that they support.

Although these types of sponsorship schemes are less common and can be less significant that those provided by companies, they normally have the additional benefit of requiring less long-term commitment from the individual.

Information on these schemes can be gained from your college advisors or your local Council for Voluntary Services.

Sponsorships () are provided by the Army, RAF and Royal Marines to potential Officer Candidates whilst they are studying. Once you have obtained sponsorship, it is likely that you will be asked not only to become a member of your local Officer Training Corps but also be required to serve for a number of years once you have completed your course. However, the amount of time you have to serve is related to the amount that has been provided to you through the bursary. If you change your mind about joining the services, as with company sponsorship schemes you will have to repay the amount that was invested in you.

The course that you are studying will be of particular interest to any of the armed forces, as they will need to be sure that the course you are undertaking will be useful to you in your service. If this is not the case, it is unlikely that you will be able to gain sponsorship, as there will be no future benefit to them.

The sponsorship schemes offered by the armed forces may include payment of , or alternatively they may offer financial assistance for living expenses depending on the circumstances of the individual.

To apply for these sponsorships, you will need to contact your local , with details of the service that you are interested in. If you do not have a local Student Liaison Office, you will need to contact your local forces Career Offices.

In the UK, there are a large number of organisations that offer sponsorship. To find out which schemes would be best for you should review organisational websites and/or alternatively telephone them directly.

If you are serious about obtaining sponsorship, it is important that you start planning early. You need to start thinking about starting the application process a year before you plan on attending University.

It is likely that you will need to start sending out letters at the same time as you are completing your University application forms.

To increase your chances of success, you need to send out as many applications as possible. Some students make contact with as many as 100 companies. However, you need to make sure that you do your research, so that both the organisation and the sponsorship scheme are right for you.

The required applications will range from company to company. Some will require you to complete formal applications whereas others will accept . However, with either of these it is important that you attach a covering letter which outlines why you want to work for the firm and also what benefits the course will give you.

A forward plan has been provided below, to assist you in gaining sponsorship successfully. The dates stated in this plan are based on the plan of starting a University course in October 2002

Summer 2002
Call your local Universities and ask for a list of organisations that provide sponsorships
Do your research into the variety of organisations
Contact the relevant organisations to find out about the application process and details of the schemes they offer
September - December 2002
Complete your application. Remember to indicate possible sponsors on the form
Complete the company/organisation sponsorship application forms
January - May 2003
Attend sponsorship interviews
Offers received from Universities
If you get an offer that was not stated on your form, you need to advise UCAS of the changes
August 2003
Exam results, and University placements and/or sponsorship confirmed
If you are declined, contact other sponsors in case they have any new opportunities
October 2003
As some Sponsorship Schemes do not start till the 2nd, 3rd or final year of the course. Speak to the University for additional sponsorship opportunities later in the year

• You could gain financial assistance up to £2,000 a year (however, please be aware your eligibility could be affected, please check with your )
• You will have the opportunity to gain relevant work experience before you complete your course
• The support they provide, may help you with assignments if there is specific company information you require

• You will be required to sign a legally binding contract which outlines your commitment to the organisation
• You will have significant commitments to keep in the summer period, for a specific number of weeks work per year
• You will need to pass the course, otherwise you may still have to repay any investment
• In some cases you are committed to a company for up to four years before you undertake the relevant role. A lot could change!

For more information on gaining sponsorship you should contact your Student Union, the Student Finance office, it is also worth taking a look at Scholarship Search which has a database of scholarships and sponsorships on offer.