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Bank’s university bursary to offer payment by results
A MAJOR bank is to help meet the cost of attending a top Yorkshire university for students from poorer backgrounds with a new bursary scheme that will deliver increased payments depending on their academic success.
Sheffield University has been chosen to pilot the Lloyds Scholars programme with 15 places available on courses starting in September.
Students will receive an annual bursary of £1,000, carry out a paid summer internship and receive extra cash at the end of their course if they graduate with a 2:1 or first class degree.
The programme is being launched in Sheffield and Bristol after this summer and rolled out across the country next year.
Unlike other bursary schemes the students will not be expected to work at Lloyds Banking Group at the end of their course.
The programme will be open to students who come from a household with an income of less than £25,000 and who have achieved the equivalent of at least two As and a B at A-level.
Successful applicants will also be expected to carry out 100 hours of voluntary work in their community and promote the scheme in schools.
They will also have to undergo a Lloyds Bank Group assessment.
As well as annual bursaries and extra payments for top performing graduates there will also be a series of cash prizes for selected students.
Sheffield University vice chancellor Keith Burnett, said: “We have a long history of supporting the most talented students, irrespective of their financial background.
“We are delighted to be partnering with Lloyds Banking Group on this innovative scheme and are sure that it will make a positive difference to the futures of the students chosen for the scheme.” António Horta-Osório, chief executive of Lloyds Banking Group, said: “Attendance at a leading university can provide students with many opportunities.
“By launching Lloyds Scholars we hope to be able to open those doors to students who otherwise might not have had the financial backing required to attend. We are also providing the scholars with hands-on work experience that will put them in good stead for their future careers.
The programme has been praised by the Universities Minister David Willetts.
He said: “I welcome this innovative scheme, which I hope will prove to be very popular among prospective students.
“Access to higher education is at the heart of the Government’s agenda, and providing new routes to the professions is an excellent way of helping people reach their full potential.”
As tuition fees rise toward £9,000 from September 2012 private firms are expected to play an increasing role in helping students through university.
Morrisons, based in Bradford, is paying the fees of 20 undergraduates on a business course at the city’s university while KPMG is set to pay for 75 accountancy students at Durham University.
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Tuesday 22 May 2012
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