Finance

Finance

Let’s talk about the money….

How much does it cost?

The tuition fee to train as a teacher with Mid Essex ITT is £8,500. It is comparable with universities and other ITT providers.

How can I pay the £9,000? 

Student Finance EnglandYou can apply for a loan from Student Finance England. They will pay the money directly to Mid Essex ITT to cover your fees. You will only have to repay the loan after April 2020 if you are earning over £21,000. You will receive interest on the loan at the Rate of Inflation + 3%.

https://www.gov.uk/student-finance

Will I get paid?

School Direct “salaried” trainees do receive a salary. This is an on-the-job programme that allows you to qualify as a teacher and pays a salary while you work. The amount will depend on your subject. Trainees in maths, physics and computing could earn between £21,000 and £25,000. The school will cover the cost of your training to become a qualified teacher too.

Is there any funding?

Yes! Many subjects are eligible for a tax-free bursary. This does not have to be paid back. The amount of funding depends on the subject you intend to teach, your degree classification or highest relevant academic qualification. You do not need to apply for a bursary – if you are enrolled on a non-salaried postgraduate course and meet the eligibility criteria, you will begin receiving payments at the beginning of your course.

 

Chemistry
Computing
Geography
Languages
Physics

 

Biology

 

Maths

 

English

Design
&
Technology

 

History
RE

Scholarship

£28,000

-

£22,000

-

 

-

1st / PhD

£26,000

£26,000

£20,000

£15,000

£12,000

£9,000

2:1 / Masters

£26,000

£26,000

£20,000

£15,000

£9,000

£4,000

2:2

£26,000

£26,000

£20,000

£15,000

-

-

 

Scholarships

Scholarships of £28,000 are available in Chemistry, Computing, Geography, Languages and Physics for some trainees too. These prestigious awards are aimed at high-quality graduates with a 2:1 or first-class degree. The scholarship will be instead of the standard bursary, but trainees who are not awarded the scholarship will still be eligible for the standard bursaries. For further information, visit the appropriate subject association website:

  • Computing – delivered by the BCS, the Chartered Institute for IT
  • Chemistry – delivered by the Royal Society of Chemistry (RSC)
  • Geography - delivered by the Royal Geographical Society
  • Languages - delivered by the British Council
  • Mathematics
  • Physics – delivered by the Institute of Physics (IOP)

I might need some extra financial support.

That’s ok.  You may be able to borrow money to help pay for university or college tuition fees and to help with living costs. You might get extra money on top of this, eg if you’re on a low income, are disabled or have children.  For example, you might be eligible for a:

  • Maintenance Loan for Living Costs of up to £5,740. This is for full-time students. You may need to give details of your household income.
  • Maintenance Grant for Living Costs of up to £3,387. You have to give details about your household income and your course start date. The grant is paid into your bank account at the start of term. You don’t have to pay the grant back, but any grant you get will reduce the Maintenance Loan you can get.
  • Special Support Grant (instead of a Maintenance Grant). You may be able to get this if you are a lone parent or have certain disabilities. Or if you qualify for Income Support, income-related Employment and Support Allowance, Housing Benefit or the housing element of Universal Credit. The amount you get is the same as the Maintenance Grant, but it won’t reduce the Maintenance Loan you can get.

Take a look here to see if you’re eligible: www.gov.uk/student-finance-calculator

Any other perks?

If you are following the non-salaried School Direct route, you are also a full-time student and can apply for an NUS Extra discount card. See www.nus.org.uk/en/nus-extra .

NUS

Mid Essex ITT