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. 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 £3,375 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 £15,000 a year.
You can apply online for the student finance and you should apply as early as possible in order that Student Finance
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 2010/11 is £6,928. 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 £15,000 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 £15,000 then you do not pay back anything until you are earning over £15,000 again.
Repayments will usually be made automatically through the tax system. You will repay a percentage of your income above £15,000. This percentage is currently set at 9%. So, someone earning £18,000 a year would repay £5.19 a week, or someone earning £25,000 a year would repay £17.30 a week.
C) Non-repayable Maintenance Grants
These grants are to help with general living costs. For example, in September 2010, new full-time students with a household income below £25,000 could get a full grant worth up to £2,906. Those with a household income of up to £50,020 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 and help with the cost of registered or approved childcare. 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 a variety of High Street Banks who are prepared to offer students studying for professional qualifications large loans in order to help them negotiate their way through the courses. In the past, students have found that the most obliging to be Barclays and Natwest Banks.
Many of the banks might not lend you money during the first year of your course. This is because, once students have progressed to Year Two of any course, they are statistically more likely to complete the course and graduate thus making second year students and onwards a better bet for them to lend money.
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
For more information on overseas student fees and visa applications please check: Information for overseas students.
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 kt@bcom.ac.uk and we will be more than happy to help.
B) CHARITABLE CONTRIBUTIONS
In the past, some of our students have had success in applying to small educational charities. Often contributions from such bodies may not be more than £100 but sometimes students have gained more.
Your local library should have a list of local charities. See if there are any educational charities in your area. Often criteria are tight – only people from a certain postcode or only women over 35 may apply – but it is always worth checking. Applications will only cost the price of a phone call and a stamp.
C) 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 the University. The forms are available from BCOM Registry Department.
Osteopathic Educational Foundation
FOR EXISTING STUDENTS FOR THEIR FINAL TWO YEARS OF THEIR OSTEOPATHIC DEGREE - must be referred by the Principal of the institution. Interest-free loans for students, subject to a successful application and interview. The forms are available from BCOM Registry Department.
Professional and Career Development Loans
Professional and Career Development Loans are commercial bank loans that can be used to 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 take 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 Next Step on 0800 100 900.
Educational Grants Advisory Service (EGAS)
Tel: 0207 249 6636. Information on charitable institutions that may offer financial assistance.
Scholarship Search
Web: www.scholarship-search.org.uk
Searchable web-based database of undergraduate scholarships offered by academic institutions, commercial organisations and charitable trusts.
Further Education Student Support
Web: http://www.lifelonglearning.dfes.gov.uk/moneytolearn
Sources of financial support for adult students in further education in
