Higher Education Middlesbrough College Finance

Finance

If you are worried about the cost of higher education, it might help to know there are a range of financial support schemes available to help with course fees when studying at Middlesbrough College. Our Student Support Department can offer advice and guidance when students apply for loans and bursaries.


Tuition fee loans 

Full and part-time students studying a qualification worth at least 30 credits can apply for a tuition loan available through the Student Loans Company. The loan is paid directly to Middlesbrough College, covers the full tuition fee and there is no upfront payment. Your loan repayments will only start once you are earning over £21,000 a year and all debt is wiped after 30 years. Repayments are based on what you earn, not the amount you borrow. If you are earning over £21,000 a year, your repayment will be calculated as 9% of any income you have about that figure. A typical example of a loan repayment can be found in the table below.

Salary

Amount of salary from which 9% will be deducted

Monthly repayment

£25,000

£4,000

£30.00

£30,000

£9,000

£67.50

£35,000

£14,000

£105.50

£40,000

£19,000

£142.50

£45,000

£24,000

£180.00

£50,000

£29,000

£217.00

£55,000

£34,000

£255.00

£60,000

£39,000

£292.00

Maintenance Loans

Full-time students can apply for a Maintenance Loan to help with living costs. The amount you borrow depends on where you live and study, and your household income. You have to pay it back but not until you finish or leave your course and your income is over £21,000 a year.

Further information on student loans and finance is available from the Student Finance England website.


A little extra from Middlesbrough College - Bursary

Full-time undergraduate students will be eligible for a bursary scheme of £1000 across their first and second year of study. This is not means-tested and in to yearly instalments across the duration of the course. This can be used as you wish but can help with course books, equipment, travel and accommodation. Once you apply for an eligible course we will be able to provide you with more details on the bursary.


Employer sponsorship 

Employers may be able to pay part or all of your fees upfront if you ask them. If your study relates to your job, you get to study a qualification that will improve your work performance and advance your career and your employer benefits from a better qualified, more productive and motivated employee. 

If your company doesn’t have any sponsored programmes, but you still think further study would be beneficial to you both, consider making a proposal in support of your request. 

The first person to talk to will be your Line Manager but you should also be prepared to make a case to other senior staff or the Personnel Manager, who may make decisions on training expenditure. 

75 of the FTSE 100 companies have sponsored staff on OU courses.


Grants for disabled students 

If you have a disability or learning difficulty, you may be eligible to receive a Disabled Students’ Allowance (DSA) to help pay for any equipment and support you need. Full and part-time students are eligible for DSA on top of any other loans, grants and bursaries. DSA is not means tested and you don’t have to pay this back. For more information on this extra help, visit Student Finance and search for DSA.