Your
Finances

Changing career and retraining as a teacher will also mean a change in salary for many people. There are range of bursaries, scholarships and loans and we can help you understand what’s available and how to make it work for you financially.

Karin Teaching Maths
Khasruz Classroom

Teaching is a hugely important job, so to make it easier for you to train as a teacher the government has a range of financial incentives.  Now Teach’s advisors will make sure you’re aware of all the options available.

Once you’ve qualified as a teacher, you then receive a substantial annual pay rise for the first six years, subject to satisfactory performance.

Tax free bursaries and scholarships

Tax-free bursaries and scholarships are provided by the Department for Education for those training in key subjects and who meet their academic criteria.

To receive a bursary or scholarship, you need a first, 2:1 or 2:2 in an undergraduate degree or a PhD or Master’s degree and be on a course that has tuition fees to pay.

Shortage subjects, which include chemistry, computer science, physics and maths, receive more substantial bursaries to incentivise applications, so it’s worth including them in your considerations. We will offer you advice and guidance on what’s likely to be right for you.

 

Subject                             Bursary               Scholarship

Biology                             £10,000             

Chemistry                        £24,000              £26,000

Computing                       £24,000              £26,000

Design and Technology  £15,000             

Geography                       £15,000             

Languages                        £15,000             

Maths                                £24,000              £26,000

Physics                              £24,000              £26,000

 

Tuition fees and maintenance loans

It’s very important to know that trainee teachers do pay tuition fees and that a loan is available to cover the entire cost. These are available for all trainees, regardless of subject choice or previous qualifications. Martin Lewis MSE provides excellent insight on how much you may have to repay - for some it may be very little.

Tuition fees cost up to £9,250 and so the Tuition Fees Loan also goes up to £9,250. You do not pay any of this cost upfront.

You start paying off this student loan when you earn over £27,295 per year.

A Maintenance Loan is also available to help with your living costs. If you’re on a full-time teacher training course, you can borrow a maximum of £7,987. If you are 60 or over on the first day of your course, you can borrow a maximum of £4,014.

There’s no upper age limit for Tuition Fee Loans

You can borrow more if you are a parent or have a disability. Depending on your circumstances, you could borrow up to £12,382 . We suggest you use the student finance calculator below to find out more.

Access to tuition fees and any other financial support will depend on your status as a home, EU/EEA or overseas student.

Following the UK’s withdrawal from the EU, there are new rules around the fees paid by EU, EEA and Swiss nationals.

If you have studied overseas and have international academic qualifications, you will need to show how these compare to UK equivalents. You gain this Statement of Comparability though ENIC-NARIC.

Repayment

The student loan is written off after 30 years and repayments are only made whilst you are working and earning over the threshold of £27,295.

Your repayments depend on how much you earn, not how much you have borrowed. You will not start repaying your loan until you earn above the threshold.

Student finance calculator

Bursaries and scholarships are paid to you in monthly instalments and do not need to be repaid.