In 2022, there are 1,978 students receiving financial aid

1.2 Proportion of students receiving financial aid to attend university because of poverty

1.2.2 Number of low income students receiving financial aid

In 2022, there are 1,978 students receiving financial aid.

Evidence

Regarding VRU students’ financial support, the university has assigned the Student Development Division to facilitate the low income students in securing financial aid to complete their studies. The sources of financial aid can be divided into 3 forms as follows:

1. Government-funded student loans consist of
   1. Student Loan Fund (SLF) provides educational opportunities for students who come from low income families by lending money for their tuition fees and other educational expenses. The borrowers will be responsible for repaying their student loans upon their graduation within 2 years.
   2. Income Contingent Loan (ICL) provides a fund for students in higher education. The loan covers the cost of tuition fees and other educational expenses. The borrowers are responsible for repaying their loans upon their graduation when their income has reached the paymentable threshold specified by the Government.
2. University funding – VRU partners with both public and private organisations to secure funding. This will be allocated to VRU students who have financial difficulties considered by the Student Affairs Committee.
3. External funding – VRU coordinates with the external organisations who are willing to be our funding sources. The students who apply for funding will be shortlisted and the information of the shortlisted students will be submitted for the further selection process.

Figure 1 The differences between Student Loan Fund and Income Contingent Loan

Figure 2 Scholarship Award Ceremony

Table 2 The number of low income students receiving the financial aid

In addition, the Student Development Division at VRU has compiled a list of students confirmed to study in our institutions and required funding through the TCAS system which is the central admissions system, to the Equitable Education Fund (EEF). EEF aims to provide financial support to the poor and exceptionally poor students with equal educational opportunities. Currently, there are 35 students who have the status of poverty, and 24 students who have the status of exceptional poverty. Hence, there are a total number of 59 students who receive funding from EEF.