How will the Future Teaching Scholars grant affect student finance?
The Future Teaching Scholars grant is taxable income, but this will be dependent upon each Scholar's personal circumstances. Each Scholar is responsible for his/her own tax affairs, and if the Scholar is required to pay tax on receipt of the grant, NCTL shall not be obliged to increase the value of the grant to compensate the Scholar for the tax paid. Furthermore, if the Scholar's obligations are not met, the full amount may be requested to be repaid. However NCTL acknowledges and understands that there may be reasons which prevent the Scholar from fulfilling the obligations set out in the Funding Deed which are outside of the Scholar's control, in which case the amount requested to repay may be reduced.
The amount of financial support available to you through student finance is based on household income, which takes into account both your parents/carers income in addition to your own. Scholars should declare the grant to Student Finance when applying for financial support. It is possible that your student loan may be affected by the grant, and we recommend contacting Student Finance for any financial advice.
You may want to use the student finance calculator to estimate the financial support which could be available to you. Remember to include an additional £5,000 per year to the annual household income for your Future Teaching Scholars grant.
For further information please visit the Student Finance section of the GOV.UK website, or call Student Finance England on 0300 100 0607.