Bursary

A non-repayable allowance paid to a student in need. This is usually subject to a means-test.

Example: In 2011/12, the University of Reading is offering an Access Bursary worth up to £1,400 to enrolled, eligible, full-time UK undergraduates who are paying the variable tuition fee rate and have a household income of £45,000 or less. For more information visit Money matters

Grant

A non-repayable allowance paid to a student for a specific purpose. This is usually subject to a means-test.

Example: Full-time UK undergraduates entering the University of Reading in 2011/12 can apply to Student Finance England for a Maintenance Grant of up to £2,906 to help with living costs. For more information visit www.direct.gov.uk/studentfinance

Loan

An allowance paid to a student which has to be repaid, usually with interest, at a later date.

Example: Full-time UK undergraduates entering the University of Reading in 2011/12 can apply to Student Finance England for a Maintenance Loan of up to £4,950 to help with living costs. Part of this loan is subject to a means-test. Students will start to repay this loan, with interest, after they have left their courses and are earning over £15,000 per year. For more information visit www.direct.gov.uk/studentfinance

Prize

A reward for excellence, often in the form of a non-repayable financial award.

Example: In 2009/10, the University of Reading awarded an Achievement Prize worth £1,000 to undergraduate students who achieved excellent results in their Part 1 or Part 2 examinations. 

Scholarship

An allowance awarded to a student, often because of academic merit, for the purpose of attending a course.

Example: Full-time UK undergraduates who entered the University of Reading for the first time in 2011/12 may have been eligible for an Entrance Scholarship if they had achieved excellent further education qualifications. Please note that Entrance Scholarships will not be available in 2012/13.

Stipend

A fixed, regular amount of money paid to a student periodically from a salary, scholarship or other allowance to help towards living costs. This does not normally have to be repaid.

Example: Those postgraduate research students at the University of Reading who are receiving funding towards living costs from a Research Council, such as the Arts and Humanities Research Council (AHRC), will have this funding paid to them throughout the year in several instalments (or stipend payments). Prospective postgraduates who are interested in seeking funding from Research Councils should contact the relevant Faculty Office at the University of Reading.