Recipients also benefit from eight weeks a year of paid work experience at the firm and an award under the college's bursary scheme to provide additional support of up to £3,500.
Grants given out through the bursary were just under £40m, compared with £65.4m in 2005-06.
Under the present system, a bursary allows those without financial means to go on to study and thrive as nurses, midwives and allied health professionals.
While disadvantaged students are more likely to drop out of university, a study published by the body found that, under the old fee regime, bursary schemes do not make them any more or less likely to complete their course.
Under the existing scheme in England, a bursary is available only to undergraduates in their second and third years.
Bursaries Eligible students on full-time courses with a household income under £25,000 will be awarded a cash bursary of £1,000 in first year, and £500 in years two and three.
Students whose family income is below £25,000 would pay £6,000 and receive a maintenance bursary of up to £1,625, under plans from Cambridge's working group on fees, published internally for consultation.
LIPA also offers a £1,000 care leaver bursary to students from the UK who are under-25 and who can demonstrate that they have been in care prior to their 16th birthday for a period of six months or more.
Harold Laski, under whom he studied, helped him to win a bursary so he could study full-time.
Now, in his memory, Haymarket Media Group has agreed to fund an annual bursary of £25,000 a year for aspiring journalists under the age of 25 who want to write about politics and government.
