Financing a university course: help is at hand

This article was written for EG’s Starting Out in Real Estate guide, click here to view the digital edition >> Studying real estate full time at university is a popular option for those wishing to enter the industry, though a significant financial commitment. However, support is available. Sarah Jackman highlights some of the options. Financial concerns, which deter young people from applying and can have a detrimental impact on experiences of higher education, are acknowledged as one of the barriers to greater equality in the higher education sector. With universities in England eligible to charge up to £9,250 per year for higher education courses in 2023 (though annual fees differ depending on where in the UK you live at the time of application), a student planning to study real estate on a three-year degree could be looking at total course fees of £27,750. And that’s before rent, course materials and living expenses are factored in. The overall cost could easily double. Despite the sums, studying a real estate degree full time at university remains a popular choice for many people wishing to enter the industry. Degrees can provide a stepping stone to a graduate scheme and a starting point for becoming chartered. However, not everyone will want or, importantly, be able, to incur the necessary financial outlay. If you fall into that category, what are your options? Apprenticeships One significant development in the past decade has been the growth of degree apprenticeship schemes in the real estate sector, which offer the opportunity to study for a degree alongside working in the industry. A degree apprenticeship typically runs over five years, with the apprentice attending university one day a week and gaining on-the-job experience on the other four. At the end of the five years, they have generally built up sufficient expertise to apply for the APC assessment and will become chartered in a similar overall time frame to those qualifying through the graduate route. There are various advantages to the apprenticeship route, a key one being financial. Apprentices will earn a salary while they work, in addition to having their university tuition fees paid as part of the scheme. Bursaries The apprenticeship route isn’t right for everyone and, for those keen to pursue a full-time university course, there are options available to those able to demonstrate financial need. Worshipful Company of Chartered Surveyors One real estate-focused initiative is a bursary scheme run by the Worshipful Company of Chartered Surveyors. Born out of a desire to deliver greater social value ahead of its 50th anniversary in 2027, it created a bursaries fund, which eligible individuals seeking to study real estate at university can apply to. Successful applicants will receive £30,000 over three years in staged payments, which typically covers rent and living expenses (with students taking a government loan to cover tuition fees). The scheme operates in collaboration with industry sponsors, who are each allocated a student to support – both financially and through mentoring and work experience – throughout the duration of their studies. Recipients also have access to an education programme delivery manager – a former teacher employed by the WCCS – who can assist with practical issues and provide wellbeing support. The scheme has been running since 2020 and has grown from five participants in the 2020-21 academic year to nine additional students at the start of the 2023-24 academic year, with a total of 31 students supported through the scheme. It works in partnership with Pathways to Property, which refers eligible attendees from its summer school. Current recipients are studying at a range of institutions, including Loughborough University and the University of Cambridge. For the WCCS, the scheme – part of a wider bursary fund, through which it has supported 40 students to a value of £1.2m – has been hugely impactful. According to its master, James Bryer: “It’s helping people who would not normally get into real estate to enter the sector. We are enabling a diverse cohort of bright and successful students, who would not have a chance to go to university without some financial help and who we will continue to support as they enter the industry.” Landsec Another scheme is the recently launched Landsec Futures, through which Landsec will offer seven candidates meeting social mobility criteria and applying for specific university courses at partner institutions a bursary, typically for three years, of up to £30,000 designed for cost-of-living support. The bursaries will be available as part of its £20m social impact fund, which aims to deliver £200m of social value by 2030. The first cohort starts in the 2023-24 academic year and will take up places on RICS-accredited courses, including a BSc in real estate, an MSc in real estate development and a BA in architecture. All support the skills needed in placemaking. On a practical level, Landsec is partnering with five universities nationally to deliver the bursaries, including institutions based in London, Leeds, Portsmouth, Salford and Reading (via the Reading Real Estate Foundation – see below). Eligibility for the bursaries is in line with the UK Social Mobility Commission toolkit and, once the social mobility criteria has been met, the partner universities will shortlist and select candidates, before putting them in touch with Landsec. Recipients will then be matched with a mentor from Landsec who can provide industry guidance and support them from an employability perspective, for example, by helping them to build their professional network. They will also be able to take advantage of work experience placement opportunities throughout their degree, both at Landsec and, it is hoped, through its peers and partners too. Reading Real Estate Foundation Exploring what Reading Real Estate Foundation, which runs the Pathways to Property programme, has to offer is also a good option. It offers a number of bursaries that its programme participants can apply for, as well as bursary schemes with partner organisations and named individuals, which applicants to University of Reading real estate courses are eligible to apply for. Awards are made to undergraduate and postgraduate students based on a demonstration of financial need. RREF BSc bursary recipients typically receive awards of between £5,000 and £20,000 per year. A £20,000 per year bursary (£60,000 in total over the three years of study) is significant as it will cover the cost of course fees in addition to living expenses and enable a student to leave university debt-free. Those progressing to postgraduate study can then apply for the RREF MSc bursary, through which recipients can receive up to £10,000 towards the cost of their tuition fees. University College of Estate Management University College of Estate Management – a leading provider of supported online education for the built environment – also has a bursary scheme, which is aimed at undergraduate students who are able to demonstrate financial need. The bursary provides a discount on fees for the duration of the programme and can be applied for after an offer of a course place has been made. UCEM also offers the BEReady Bursary in partnership with the Chartered Surveyors Training Trust to fund 50% of UCEM’s BSc access module fee for students who most need a helping hand to begin their built environment career. The module provides a gateway to allow students with non-standard entry qualifications or those who do not have enough UCAS points to progress on to a UCEM undergraduate degree programme. It is open to anyone and is awarded in the form of a discount on course fees. Additional support For those already on courses, additional support is also available. For example, existing students at UCEM can apply for support from a range of other funds, including the redundancy support fund, the Principal’s Discretionary Fund (which supports students in difficult or unexpected circumstances) and a hardship fund that supports all students, including apprentices who face financial hardship that impacts their studies. Similarly, University of Reading students can apply to RREF’s hardship fund for support should their circumstances change while undertaking a course. They can also apply for a travel bursary, should they need to pay for travel in connection with their course, for example an overseas research project. For those on an RICS-accredited degree programme, they should keep in mind LionHeart – the independent charity for RICS professionals – which has recently launched a student grant programme for students in their final year of a qualifying degree programme who are in receipt of a full maintenance loan. They can apply to the charity for a grant to buy an interview outfit and to help with travel costs to attend interviews. Final-year students on accredited programmes can also use LionHeart’s coaching service and legal advice helpline. Final word It is impossible to detail all of the financial support available to potential and existing real estate students. Many universities offer bursaries and financial support to those on or accepted to study with them. Go to the university websites to see what they offer and work out whether you might be eligible. If you believe that you meet the criteria for support, make time for the application. It could open the door not just to financial assistance, but to an amazing career in a unique and ever-evolving sector. Case study: Nandi Mabaso, WCCS bursary recipient (BSc real estate, Sheffield Hallam University) In 2020, Nandi Mabaso was awarded a bursary from the Worshipful Company of Chartered Surveyors to support her through a four-year degree at Sheffield Hallam University, having had her interest in real estate sparked in year 12 through the Pathways to Property summer school and subsequent year 13 work experience placement at Hammerson, organised via Pathways. She has found it invaluable from a financial perspective – “It meant that in my first and second year of university, I was able to focus on the education rather than having to work,” she says – and from a broader perspective, in being able to access support from a mentor appointed by her sponsor firm, who she regularly meets to discuss progress. She also benefits from the regular check-ins and encouragement provided by the education programme delivery manager at the WCCS. Now starting her final year at Sheffield Hallam University, following a placement year with the valuations team at Cluttons, Manchester, Mabaso intends to search for a graduate scheme and go straight into the industry. For now, she is “keeping her options open” on the type of role she might move into, though is emphatic that it will be “commercial-based” and that her APC will be in commercial real estate – something that her placement year will contribute towards. Resources Government support for undergraduates Worshipful Company of Chartered Surveyors bursary scheme Landsec bursaries RICS LionHeart University College of Estate Management Reading Real Estate Foundation To send feedback, e-mail sarah.jackman@eg.co.uk or tweet @EGPropertyNews View the digital edition of Starting Out in Real Estate >> Photo © Emily Ranquist/Pexels