I am going to the London Metropolitan University in September to study for my teaching degree. As I'll be teaching a 'shortage subject' (English and Drama) I'll be receiving a £9000 bursary from the government.
I am also entitled to a student grant of £6315, because I have no income other than my wages.
I'm obsessed with budgets at the moment, so I did some Key Stage 2 maths:
9000 + 6315 = 15315
15315 / 10 (number of months on course) = 1531.50
Therefore I will be receiving £1531.50 a month. Tax free. And I also get student Oyster.
Fucking hell. That's more than I'm earning at the moment! I know what you're thinking; too good, eh? There must be a catch, eh? Yes, I thought that too, so I calculated how I'd pay it all back, including the student loans I had for my batchelors degree. The website said this:
"Based on the information you provided, our calculations indicate that you will make the following repayments towards your student loan.
Your monthly repayment amount will be £ 68.00 from 01-APR-08 to 30-APR-33 a total of 300 months.
You will, however not repay it within 25 years. After 25 years the remaining balance of
£ 5107.61 will be written off."
Ha, they haven't banked on me retiring at 35 and having children. I'll never pay it off, and there's NUFFIN they can do about it. Hahahahahahahaaaa...