Finance

Let’s talk about the money….

How much does it cost?

The tuition fee to train full-time as a teacher with Mid Essex ITT is £9,250. If you choose the part-time route, it is £6,000 per year, across two years, a total of £12,000.

How can I pay the tuition fees? 

You 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, when your income is over the threshold. Interest starts being added to your loan from when you make your first payment.

For more information, visit Student Finance England.

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. As an unqualified teacher, you will be paid a taxable income of £18,169 (2020-2021 figures). The school will cover the cost of your training to become a qualified teacher too. Please note that you will only be considered for this route with significant previous school experience, ideally in a teaching capacity.

Is there any funding?

Yes! Some 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 (not your degree subject), 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, Mid Essex ITT will apply on your behalf, and you will begin receiving payments in the October of your first term.

* Availability of a bursary 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. Bursaries are available to trainees with a first, 2:1, 2:2, Master’s or PhD. Availability is dependent on your highest relevant academic award and the subject in which you are training to teach.

Scholarships

Scholarships of £29,000 are available in Chemistry, Computing, Mathematics and Physics, and £27,000 in Geography and Languages for some trainees. 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:

• Chemistry - delivered by the Royal Society of Chemistry (RSC): www.rsc.org
• Computing - delivered by the BCS, the Chartered Institute for IT: www.bcs.org
• Mathematics - delivered by Mathematics Teacher Training: www.teachingmathsscholars.org
• Physics - delivered by the Institute of Physics (IOP): www.iop.org

Visit  www.getintoteaching.education.gov.uk or www.gov.uk for further information.

I might need some extra financial support

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, for example 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 at the student finance calculator to see if you’re eligible.

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.

Visit www.totum.com for information.