Student Finance, Help and Guidance

The MSC Guide to Finance

The MSC understands that making the decision to undertake teacher training is not only a personal commitment, but can also be a huge financial commitment. The course fees are £9000 for the year (for fee-paying & SCITT/Core placements), however, there is help available from the Student Loan Company (SLC.) The Student finance package is broken down into 4 key parts.

Eligibility-Factors that may affect your entitlement to Student Finance:

  • The University or College you have applied to (when applying for finance the MSC is classed as a University)
  • The course that you want to study
  • If you have studied a HE course before
  • Your nationality or residency status                                                                                                                      

Tuition Fee Loan (loan available to cover fees of £9000):

There is a non-means tested tuition fee loan available to cover the course fees of £9000. The tuition fees are paid in instalments directly to the provider from the SLC throughout the academic year. You do not have to apply for a loan or the full amount; trainees can pay all or part of the fees via private means. 

Applied for by: the trainee

When: Prior to 1st September, ideally 1st July to ensure release of funds

 

Maintenance Support:

Maintenance grants and loans are available to help with the cost of living during your training. There are two types available:

1. Maintenance Loan (repayable) The loan amount depends on where a candidate lives and studies. This financial support is paid directly to the trainee’s bank account.

2. Maintenance Grant (non-repayable,) the maximum grant for 2014/15 is £3,387(amount subject to change,) this is 100% means tested. If your household income is below £25,000 you will be entitled to the full grant, any trainees with a household income of up to £42, 620 are entitled to a partial grant.

As you may have seen in the news, the government are deliberating removing the non-repayable grants for maintenance support. As of yet this has not been officially confirmed to ITE providers.

 

 

Applied for by: the trainee

When: Prior to 1st September, ideally 1st July to ensure release of funds

 

 

Scholarships and Bursaries- NEW! updated 09/10/2015:

Please see the seperate page focusing on Scholarships.

 Training bursaries will be available to some applicants and will vary according to your degree classification and the subject in which you are training. For 2015/16 bursaries are as follows:

Trainee Degree

Class

1st/PhD

 

 

 

2.1/Masters 

2.2

 

Scholarship

Physics

£26,000 £26,000 £26,000 £28,000
Maths £20,000* £20,000* £20,000* £22,000*

Computer Science

£26,000 £26,000 £26,000 £28,000

 Geography

£26,000 £26,000 £26,000 £28,000

 Languages

£26,000 £26,000 £26,000 £28,000

 Chemistry

£26,000 £26,000 £26,000 £28,000
Biology £26,000 £26,000 £26,000

D&T

 

£12,000 £9,000 £0

English

£15,000 £15,000 £15,000  

RE

History

Music

£9000 £4000

 PhDs and Masters Degrees can enhance your entitlement to a bursary, visit the link below for more details. 

* ‘You could receive £30k or £32k in total - £20k as a tax-free bursary or £22k scholarship with additional payments of £10k after tax once in teaching. You'll need to have completed a non-salaried teacher training course and received a bursary or scholarship in the academic year 2018/19. You’ll receive two additional early-career payments of £5k each in your third and fifth year of teaching - enhancements to these payments are available if you teach in specified areas in England. You must have taught in a state-funded school in England since completing your teacher training course.’

Applied for by: the MSC

When: over the summer in preparation for first release date, October

Example:

Dan has a 2.1 in German Language and an A-Level in Spanish, he has undertaken a French enhancement course prior to starting the training course. He is applying for the full £9000 student loan and he is entitled to a £20,000 tax free bursary.

Amy has a 2.1 in Biology and a PhD in Biology, she initially thought she was entitled to a £12,000 tax-free bursary, but has been advised due to her PhD she is entitled to £15,000 (equivalent of a 1st class degree), she has decided not to take out a loan and will be paying the £9000 fees to the MSC from the bursary. 

Bursaries are paid in 10 equal* monthly instalments from October onwards. *if you are entitled to a £15,000, £20,000 or £25,000 bursary, you will receive 2 enhanced payments during the year.  

£9000 Bursary= 10 monthly payments of £900 (from October onwards)

  Oct Nov Dec Jan Feb Mar Apr May Jun July

Bursary

of £9000 

£900 £900 £900 £900 £900 £900 £900  £900 £900 £900

Bursary

of £20,000 

£1400 £1400 £1400 £1400 £4400 £1400 £1400  £1400 £1400 £4400

Bursary

of £25,000 

£2000 £2000 £2000 £2000 £4500 £2000 £2000  £2000 £2000 £4500

 

Additional support:

There are various reasons why you may need additional financial aid, and the Student Loan Company have catered for that.

  • Disabled Students Allowances (DSAs)-for students with disabilities, mental health conditions or specific learning disabilities. This is based purely on need, not household income.
  • Childcare Grant (CCG)-Up to 85% of the cost of registered childcare  is available to students who have children. The total amount available will vary on the number of children you have.
  • Parents Learning Allowance (PLA): Help with course related costs for students with dependent children.
  • Adult Dependants’ Grant (ADG): This is for trainees who have another adult, who is financially dependent on them, who is not their child.

Applied for by: the trainee

When: Prior to 1st September, ideally 1st July to ensure release of funds

 

Repayments

For some trainees the fear of repayments is even more daunting than financing the course itself, fortunately the SLC have made this very straightforward, below are the key points you need to know.

  • There are no repayments due until you are earning at least £21,000 annually.
  • If you are earning over £21,000 after completing the training, you will not start repayments until April of the following year (2016) See example below
  • Repayments are 9% of your income over £21,000- this is taken directly from your pay by HMRC.
  • Any remaining loan balance will clear after 30 years from entering the repayment process.
  • Trainees can choose to pay their debt early and not incur any financial penalties

Example of repayment at 9% per month

Annual Income £25,000

Repayment-9% of earnings over £21,000

Approx. £30

 Applying for Student Finance

Trainees need to apply as soon as possible for student finance, after they have been offered a training place. This will ensure that the payments are set up and received at the start of the training year. Applying online through GOV.UK is the quickest way to complete the application. https://www.gov.uk/apply-online-for-student-finance

 

What are you entitled to? 

Training

Route

Trainee

Liable for

£9000 fees

Trainee

 gaining

a salary

Trainee

eligible for

 NCTL

bursary

Trainee

eligible for

student loan to

cover fees

Trainee eligible

for Maintenance

 Grant

(means tested,

non-repayable)

Trainee eligible

for Maintenance

Loan

(repayable)

School Direct Fee paying
School Direct Salaried
SCITT Core
Self-funded
Assessment only

 Helpful Links:

The Students Loan Company

Department for Education-Getting into Teaching (Finance)

The Student room- A great opportunity to connect with other students in similar situations.

 

 

 **Any amounts stated above are subject to change. The information above is based on information disseminated by the Student Loan Company.