The Mid Somerset ConsortiumFunding the course
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 £9250 for the year (for fee-paying & SCITT 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 £9250):
There is a non-means tested tuition fee loan available to cover the course fees of £9250. 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) This is 100% means tested. If your household income is below £25,000 you may be entitled to the full grant, any trainees with a household income of up to £42, 620 are entitled to a partial grant.
Applied for by: the trainee
When: Prior to 1st September, ideally 1st July to ensure release of funds
Scholarships and Bursaries
Please see the Scholarships page.
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 2021/22 bursaries are as follows:
|
Trainee Degree Class |
1st/PhD 2.1/Masters 2.2 |
Scholarship |
|
Chemistry, Computing, Maths and Physics |
£27,000 |
£29,000 |
|
Geography and Languages |
£25,000 | £27,000 (in languages only) |
|
Biology and Design & Technology |
£20,000 |
- |
|
English |
£15,000 |
- Bursaries and scholarships are available to trainees on a tuition fee-based teacher training course in England that leads to the award of qualified teacher status. Availability is dependent on your highest relevant academic award and the subject in which you are training to teach. To receive a bursary or scholarship you must be entitled to support under the Student Finance England criteria. Residents of Wales, Scotland and Northern Ireland will need to be entitled for support as set out by your country’s student finance body (Student Finance Wales, Student Awards Agency Scotland or Student Finance NI). Both elements will be assessed by your teacher training provider. Candidates with overseas degrees may be asked to formally recognise any overseas qualifications through UK ENIC.
- Bursaries are available to trainees with a first, 2:1, 2:2, Master’s or PhD.
- Trainees in chemistry, computing, maths and physics are able to apply for a teacher training scholarship with the appropriate professional body. Scholarships are awarded in place of a bursary. Each of the professional scholarship bodies sets its own eligibility criteria - find out more on the dedicated scholarship pages. Scholarships are awarded in place of a bursary.
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 £9250 student loan and he is entitled to a £15,000 tax free bursary. He will receive £1500 per month from October until July. This is paid by the MSC into Dan's account.
| Oct | Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | July | |
|
Bursary of £15,000 |
£1500 | £1500 | £1500 | £1500 | £1500 | £1500 | £1500 | £1500 | £1500 | £1500 |
|
Bursary of £27,000 |
£2700 | £2700 | £2700 | £2700 | £2700 | £2700 | £2700 | £2700 | £2700 | £2700 |
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 £25,000 annually.
- If you are earning over £25,000 after completing the training, you will not start repayments until April of the following year.
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 £9250 fees |
Trainee gaining a salary |
Trainee eligible for NCTL bursary |
Trainee eligible for student loan to cover fees |
Trainee eligible for Maintenance Loan (repayable) |
| School Direct Fee paying |  |
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| School Direct Salaried | |
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| SCITT | |
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| Assessment only | |
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Helpful Links:
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.
