Financial Help Resources

Signpost to financial help to study for the Integrated Masters Chiropractic (MChiro) course at the McTimoney College of Chiropractic.

Note: The information on this site may not apply to other courses or other Colleges.

Introduction

The McTimoney Trust understands student finance is becoming increasingly complex and this section provides a starting point for you to find out more about financial help available.

Financial opportunities change regularly. Although we will aim to keep this information up-to-date, please double-check current details before you commit to anything.

Financial help can be divided into four main types:

Personal finances
Benefits
Awards
Loans

These are explored in more detail in the sections that follow.

If you have any suggestions on how we can help students at the McTimoney College of Chiropractic, please contact us.

Personal finances – what you earn and your savings

Have a Plan A, B, C and D

Feedback from students at the College identified the need for a Plan A, B, C and D when you plan your budgets for study as circumstances can change very quickly.

Personal finance includes:

Income from employment: Most students work, however, balancing the demands of work and study can be stressful and require careful planning. This is a good time to get one to one advice. Remember there are work-related benefits.
Savings and investments: Shop around for the best interest rates. If you have significant savings it is worth taking advice on how you can maximise your return.
Unearned income: This could include rent, dividends and interest. It may be valuable to get financial advice to make sure you are maximising your income from these sources and to prevent gaps in income e.g. changeover of tenants.
Contributions by others: This could be from parents or a spouse. It is great that people offer support but it is important to consider that their circumstances can change too.

Explore resources

Should your personal finances change there are a number of options you could explore:

Benefits may become available depending on your financial circumstances – see below.
Awards may be available – see below.
Loans can also be considered – see below.

Tax requirements can also change. Check to find out how much tax you should be paying.

You can use this personal budget planner as a starting point.

Seek advice

Always seek advice if you are facing financial difficulties. Here are some sources of advice:

McTimoney College of Chiropractic: Contact Gayle Hoffman, Director of Student Services, McTimoney College of Chiropractic, phone 01235 523 336 or email the College.
Turn2Us is a free service that helps people in financial need to access welfare benefits, charitable grants and other financial help online, by phone and face-to-face through their partner organisations.
Government’s Money Advice Website has lots of advice on how to find out about benefits and reduce expenditure. It also points you where to get free debt advice. Money Advice Scotland is available for students based in Scotland.
Stand Alone is an online advice centre for students who have no contact with their family. Find information about support, financing your studies and accommodation options as an estranged student.

Benefits

If you are a student in further or higher education in the UK you may be able to claim benefits from the government in addition to any student funding you get. The benefits you can apply for depend on your circumstances and whether you are studying full or part time. Find out what may be available if you live in the UK. This page also links you to a student finance calculator. There is also a useful benefits calculator on the Turn2Us website.

Benefit arrangements are complex – especially if you receive other funding. It is best to get advice. A list of potential sources of advice is listed in the ‘Personal finance’ section above.

Universal credit - For current advice please check: www.gov.uk

Universal Credit will replace:

Additional benefits

Council Tax exemption

Council Tax is applied to properties, not people, but exemptions from paying the tax are based on the status of people who live in the property.

A property is exempt from Council Tax if everyone who lives there falls into at least one of several categories, including full-time college or university students. Again there are detailed criteria so it is best to get advice.

Awards

Main types of Awards

Awards can be divided into the following main types:

Specific educational institution: These Awards are associated with study at a specific educational institution, for example, Awards that are specifically available to students at a specific college.

There is a very wide range of other Awards, which can be found by searching the Awards Search Web Sites below. These include Awards associated with:

Subject area: A subject area you are studying, eg health.
Area you live in
Personal circumstances: E.g nationality, gender, parental occupation and even surname! Some of these are quite specific but it is worth checking out if any are available to you.

Award Search Web Sites

Turn2Us: This charity provides a free service that helps people in financial need to access welfare benefits, charitable grants and other financial help – online, by phone and face-to-face through their partner organisations. Their Grants Search Database holds details of over 3,500 types of Awards which you can search by postcode, gender and age. This includes Awards for people coming to study from abroad.
Alternative Postgraduate Funding Guide: This is a subscription-based database which focuses specifically on 500 or so education-based Awards and not just those for post-graduate studies. Students and prospective students of the McTimoney College of Chiropractic can access the resource free of charge by requesting an individual access code by contacting Gayle Hoffman, Director of Student Services, McTimoney College of Chiropractic, phone 01235 523 336 or email the College. Searches can be undertaken by age, nationality, subject area and whether it is a part-time or full-time course.
Scholarship-Search: There is a also a Scholarship-Search website promoted by Student Finance England but this mainly features the scholarships and bursaries offered by each university and college.

Loans

Please consider your ability to repay a loan before you make a commitment

There are five main sources of loans you can consider:

Government Student Support – financed loans

The advantage of these loans is that you can defer payment until you have finished and you are earning above a certain amount. However, you may not be eligible for theses if you already hold a degree or an equivalent level qualification. You can find out more:

Government funding for postgraduate study

https://www.gov.uk/funding-for-postgraduate-study

https://www.gov.uk/extra-money-pay-university

Https://www.gov.uk/adult-dependants-grant

Other Government Funding for education

https://www.gov.uk/student-finance/extra-help

https://www.gov.uk/extra-money-pay-university

Https://www.gov.uk/adult-dependants-grant

Commercial loans

These are available through banks, building societies and commercial lenders. There are options of secured loans, unsecured loans and overdraft options. Please note if you opt to take a secured loan, your home is at risk if you do not keep up repayments. Rates and terms and conditions vary a lot so it is best to get advice. The Government’s Money Advice Website is a useful starting point.

Credit Unions

These are ethical community-based banks owned and controlled by their members, who live, work (and study) in the local area. They offer opportunities to people who might not otherwise be able to get a loan because, as long as the person wanting to borrow has saved with them for a number of months, they may qualify for a loan. The Credit Union which covers Abingdon is Oxfordshire Credit Union.