Funding is a big issue for all students. It is important to have an idea as to how you are going to fund your way through the course before commencing your degree. This guide aims to help you find the necessary information.
If you’re going into higher education, there’s money available to help with the costs. You won’t have to pay anything back until you’ve left your course and you’re earning – and you may qualify for support that doesn’t need to be paid back at all.
I. GOVERNMENT SOURCES.
The Government offers a wide range of student financial support in the form of grants and loans. This means that you can get financial help when you need it but don’t have to pay back your loans until after you leave your course.
A) Student Loan for Fees
All eligible, full-time students can get a Student Loan for Fees of up to £9,000 a year to meet their course costs. The money is paid directly to the College on your behalf and you only have to start repaying it once you have left the course and are earning £21,000 a year.
You can apply online for the student finance and you should apply as early as possible in order that Student Finance England can process your application in good time for you starting your course.
If you do not want to take out a tuition fee loan then you can make arrangements with the College to pay the tuition fee directly.
B) Student Loans for Maintenance
As well as the loans available to cover your fees, there are student loans available to help with living costs (called ‘Student Loans for Maintenance’). How much you can get depends on where you decide to live and study, as well as your income and that of your household. It will also depend on how much of the maintenance grant you are entitled to. The maximum loan for 2012/13 is £7,675. The maintenance loan helps to pay for living expenses such as accommodation, food and course materials.
Your Student Loan for Maintenance and Student Loan for Fees (if you take this element) will be combined and you don’t have to start paying anything back until the April after you have left your course.
Even then, you only start repaying the loans when you earn more than £21,000 a year and then at a rate linked to your income. That means the more you earn, the more you pay back; the less you earn, the less you pay back. And if your income drops below £21,000 then you do not pay back anything until you are earning over £21,000 again.
Repayments will usually be made automatically through the tax system. You will repay a percentage of your income above £21,000. This percentage is currently set at 9%. So, someone earning £25,000 a year (£4,000 over the £21,000 threshold) would repay £30 a month, or someone earning £40,000 a year would repay £142.50 a month.
C) Non-repayable Maintenance Grants
These grants are to help with general living costs. For example, new full-time students with a household income below £25,000 could get a full grant worth up to £3,250. Those with a household income of up to £42,600 could get a partial grant. Remember, maintenance grants don’t have to be paid back.
To find out if you are eligible for a non-repayable maintenance grant or any other financial support visit: www.direct.gov.uk/studentfinance
D) Additional funding and help
If you have a disability you may be entitled to a Disabled Students’ Allowance, which is money to help with costs you incur in attending your course as a direct result of your disability. You won’t have to pay this back.
Extra financial help is available for people who want to study and who have dependants. For example, students with children may be able to get a Parents’ Learning Allowance to help towards learning costs and the Childcare Grant to help with childcare costs, as well as the Child Tax Credit (please visit www.direct.gov.uk and search ‘Help for Students with Children’ for further details).
Students who have an adult who depends on them financially (other than their adult child) may be able to get an Adult Dependants’ Grant.
FURTHER INFORMATION AND CONTACT DETAILS
A wide range of information and guidance literature is available to download from the website: www.direct.gov.uk/studentfinance, including information on disabled students allowance, childcare allowance, travel expenses and the terms and conditions which apply to student finance, so all the information you could possibly need is available at the click of a mouse, or you can call 0845 300 50 90 to speak to a dedicated adviser.
The course information that is normally requested is the UCAS college and course code:
UCAS Code: B81
Course Code: B312
II. PRIVATE SOURCES OF INCOME.
There are High Street Banks which are prepared to offer students studying for professional qualifications large loans in order to help them negotiate their way through the courses. Barclays offer Professional and Career Development Loans (P&CDL) - a government-sponsored scheme that will cover your interest payments while you study and for up to two months after you finish your course. For further detail please visit www.barclays.co.uk and search for Professional and Career Development Loans. Halifax and Lloyds TSB offer Student Accounts whilst RBS, Santander, NatWest and other High Street banks offer Personal and Graduate Loans. We recommend that you research all loan options available to ensure you make an informed decision about whether a loan is right for you.
If you are borrowing a large sum of money from a bank, they may insist that you only bank with them. Banks will often ask you for a financial plan before agreeing to lend you money so it is often a good idea to take a draft budget with you when applying for assistance.
III. NON – E.U. STUDENTS.
It would be a good idea to make some enquiries about banking before coming over to the UK. Over recent years, banks have tightened their security checks for people coming from outside the EU and unfortunately, these checks can make it hard to gain access to a UK bank account. If you require a letter from the college stating that you are about to become a student, please contact us and we will be happy to help.
A really good website to check for matters such as these is www.ukcosa.org.uk
It really is an excellent site and has helped the college a lot in giving advice to overseas students.
UK Boarder Agency (UKBA) regulations advise students coming to the UK under Tier 4 (student visa) must be able to support themselves for the entire length of their stay in the UK without using public funds (state benefits). This includes course fees and living expenses (maintenance). Full details of the maintenance requirements can be found on the UKBA website http://www.ukba.homeoffice.gov.uk/visas-immigration/studying/adult-students/can-you-apply/money/how-much/
The type of documents applicants can provide to show evidence that funding is available when applying for the Tier 4 visa can be found at http://www.ukba.homeoffice.gov.uk/visas-immigration/studying/adult-students/evidence/money/#. Personal bank or building society statements must cover a consecutive 28-day period ending no more than one month before the date of the student’s application.
Information for Overseas Students And Private Fees
IV. OTHER INFORMATION
A) Letters and Further Assistance.
When applying for bank accounts and especially loans, it is sometimes necessary to have a letter of introduction from the college that you are planning to study at. Please call 0207 435 6464 or contact us at Registry@bcom.ac.uk and we will be more than happy to help.
B) Grants, Loans and Funding for Osteopathic Students from Other Organisations
The Access to Learning Fund
The Access to Learning Fund (ALF) is money given to all universities by the Government. ALF provides financial support for students to help them access and remain in higher education, and can help alleviate unexpected financial hardship. Payments from ALF can be used to help with course-related costs such as childcare costs, books, materials, and travel, and general living costs such as rent, food and utility costs. It is not designed to meet the cost of tuition fees. All BCOM students have access to the ALF via our validating university. The forms are available from BCOM Registry Department.
Professional and Career Development Loans*
Professional and Career Development Loans are commercial bank loans that can help pay for work related learning. You can borrow between £300 and £10,000 to help support the cost of up to two years of learning (or three years if it includes one year’s relevant unpaid practical work). The Government will pay the interest on the loan while you are learning and for one month afterwards.
You will then need to start repaying the loan as you would any other commercial loans product. The loan can be used to pay course fees or other costs such as travel and living expenses. You can also use the loan to supplement other forms of support such as grants or bursaries.
As the Professional and Career Development Loan is a commercial loan product, you should make sure you have investigated all the funding options that may be open to you to ensure you make an informed decision about whether the Loan is right for you. For further information on financial assistance to support your learning, visit
www.direct.gov.uk/adultlearning or contact the Career Service Helpline (Next Step) on 0800 100 900.
* Please contact BCOM’s Registry Department for further information and assistance before applying for a Professional and Career Development Loan.
Our learning provider registration number is: 3914.
Osteopathic Educational Foundation
The Foundation is able to offer interest-free loans to students in the final two years of their degree course in osteopathy. The amount of the loan for each academic year is dependent upon the fund available and the number of students requiring help, but is unlikely to exceed £3,000.
Educational Grants Advisory Service (EGAS)
Tel: 0207 249 6636 (open from 2pm to 4pm weekdays). EGAS provide information on charitable institutions that may offer financial assistance.
Scholarship Search UK
Web: www.scholarship-search.org.uk
Searchable web-based database of undergraduate scholarships offered by academic institutions, commercial organisations and charitable trusts.
If you have any questions about Home, EU and Overseas fees, your eligibility for student loans or any funding related issues please contact the Registry Department at admissions@bcom.ac.uk.
