Changing career to teaching will impact your life in various ways, so before applying for teacher training it is important to assess your finances and explore your funding options.
This blog will:
Give insight into how Now Teachers assessed the financial implications of training
Provide information on what financial support you might be eligible for
Remind you that our career change advisors are here to help you explore this
Watch this short video to hear former corporate lawyer, Khasruz, and ex software developer, Matthew, reflect on deciding if teaching was right for them. Ex-banker, Becky, and former civil servant, Lynda, will also talk about the rewards they’ve experienced after training.
Multiple streams of support are available to you whilst you train to teach. Below we have provided a brief explanation of the following: bursaries, loans and grants, childcare help, carer’s help, and advice for international applicants.
Bursary amounts can vary per subject, are tax-free, and do not need a separate application if you’re studying one of the following subjects:
£24,000 in Chemistry, Computing, Maths and Physics
£15,000 in Design and Technology, Geography, and Languages
£10,000 in Biology
To be eligible for a bursary you must:
have a degree above a 2:2, a Masters or a PhD
hold a British passport, have indefinite leave to remain or settled status
have lived in the UK/EEA for at least 3 years prior to starting their training
Loans and grants
All applicants can apply for a loan or grant, even if they receive a bursary.
There are two main loans available:
tuition fee loan of up to £9,250 to cover your teacher training
maintenance loan of up to £12,382 to help with living costs
To find out how much you might be able to borrow, you can use this online calculator: https://www.gov.uk/student-finance-calculator
If you are a parent, you can apply for support with childcare costs, and for parents learning allowance – depending on your household income.
To qualify for a childcare grant, your children must be under 15 years old, or 17 years old and younger with SEN.
If you are a carer for an adult, you can apply for an adult dependants grant.
If you are applying as an international candidate, then financial support is provided on a case-by-case basis. The UK Government has more information and advice on training to teach if you’re not a UK citizen or training to teach in England as an international student (including links to fees and financial support).
Training to teach will be an adjustment to your income. We’re here to support you through your career change and are available to help you to explore your funding options.
Fancy a chat with one of our career change advisors? Complete an expression of interest form and they’ll give you a call.