NHS LSF
Hello, I have applied to an allied health course, and I am eligible for the NHS Learning support fund training grant, where I will receive £5000 per academic year split into three payments.
I was wondering if anyone knows if after the money is deposited into my bank account, will I be able to spend it on paying my Student loan back? Because if so that would literally half my fees from around 28k to around 13k and that would be incredible...
But it sounds good to be true so I've also got to ask, if that isn't possible, will I be able to use it for things like paying for taking part in leisure activities within my chosen university (swimming, gym) and paying for travel from home to campus? Will I be able to buy books and clothes and stationary to take to uni?
Thanks in advance!
I was wondering if anyone knows if after the money is deposited into my bank account, will I be able to spend it on paying my Student loan back? Because if so that would literally half my fees from around 28k to around 13k and that would be incredible...
But it sounds good to be true so I've also got to ask, if that isn't possible, will I be able to use it for things like paying for taking part in leisure activities within my chosen university (swimming, gym) and paying for travel from home to campus? Will I be able to buy books and clothes and stationary to take to uni?
Thanks in advance!
Original post
by CrampedFoxHouseHello, I have applied to an allied health course, and I am eligible for the NHS Learning support fund training grant, where I will receive £5000 per academic year split into three payments.
I was wondering if anyone knows if after the money is deposited into my bank account, will I be able to spend it on paying my Student loan back? Because if so that would literally half my fees from around 28k to around 13k and that would be incredible...
But it sounds good to be true so I've also got to ask, if that isn't possible, will I be able to use it for things like paying for taking part in leisure activities within my chosen university (swimming, gym) and paying for travel from home to campus? Will I be able to buy books and clothes and stationary to take to uni?
Thanks in advance!
I was wondering if anyone knows if after the money is deposited into my bank account, will I be able to spend it on paying my Student loan back? Because if so that would literally half my fees from around 28k to around 13k and that would be incredible...
But it sounds good to be true so I've also got to ask, if that isn't possible, will I be able to use it for things like paying for taking part in leisure activities within my chosen university (swimming, gym) and paying for travel from home to campus? Will I be able to buy books and clothes and stationary to take to uni?
Thanks in advance!
You can spend it on whatever you like but there are a few issues you need to be aware of.
If you need to stay away from your uni accommodation for placements on your AHP course, then costs for additional accommodation and travel soon mount up. Students have to book and pay for these upfront and then claim it back from the NHS LSF, and there can be a big gap between paying for your accomm/travel and getting the refund. For example, my daughter has had to pay for six weeks of placement accomm - costing over £1,500 - eight weeks ahead of placement starting. She saves her NHS LSF payments in a savings account and uses it to fund these advance payments as required.
Think long and hard before you use your NHS LSF payments to pay off any part of your student loan. Student finance is seen as one of the lowest cost forms of finance, and you won't see a reduction in the amount you repay each month by reducing the size of your loan. This is because repayments are based on what you earn each month - not the size of your loan. So you will pay 9% of anything you earn over £25k per year, not matter how much you borrow.
If you don't spend all of your training grant at uni, consider saving it towards a mortgage deposit, a car or even travel once you have graduated. It is likely to have much more of an impact on getting yourself established as a young adult rather than reducing the time you continue to pay it back when you are in your 50/60s.
A read of the following article is highly recommended:
https://www.moneysavingexpert.com/students/student-loans-england-plan-5/
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