Overview
In years 5 and 6, MBBS Medicine students have significantly reduced statutory funding from the NHS and the Student Loan Company to cover their living costs.
To minimise this impact, if you are eligible for an 51³Ô¹ÏÍø Bursary in years 5 and 6, you have a choice of how to receive your payments:
- in full for each year of study i.e. the standard payment option, or
- higher payments in years 5 and 6, by setting aside 33% of the bursary you're eligible for in years 1–4 to be claimed during these final two years – we call this the six-year spread payment option and it's only available to MBBS students
How the six-year spread payment option works
- Between years 1 and 4 we will put aside 33% of your 51³Ô¹ÏÍø Bursary each year.
- We will pay half of your saved 51³Ô¹ÏÍø Bursary in years 5 and 6 respectively. This will be paid on top of any bursary awarded in years 5 and 6.
- Like savings, we will pay 1% interest on any saved bursary in years 1–5 which we will pay to you in your final year.
Year 1
We will pay your bursary in eight instalments from November until June.
Years 2, 3 and 4
We will pay your bursary in nine instalments from October to June.
Years 5 and 6
We will plan your payments from August to June.
Students with an income of less than £16,000
Students with an income of less than £16,000
| Year of study | Total Bursary | Bursary in Year | Monthly Bursary | Bursary accrued in Year | Total Bursary accrued | Interest accrued |
|---|---|---|---|---|---|---|
| Year 1 | £5,000 | £3,333.33 | £416.67 | £1,666.67 | £1,666.67 | £16.67 |
| Year 2 | £5,000 | £3,333.33 | £370.37 | £1,666.67 | £3,333.33 | £33.33 |
| Year 3 | £5,000 | £3,333.33 | £370.37 | £1,666.67 | £5,000 | £50.00 |
| Year 4 | £5,000 | £3,333.33 | £370.37 | £1,666.67 | £6,666.67 | £66.67 |
| Year 5 | £5,000 | £8,333.33 | £757.55 | £3,333.33 | £33.33 | |
| Year 6 | £5,000 | £8,333.33 + £200 interest | £775.75 |
- Bursary payments will be paid in 8 instalments in in year 1, 9 instalments in years 2-4, and 11 instalments in years 5 & 6.
- Non-compound interest of 1% will be allocated in years 1-5.
Students with an income of £16,001 to £50,000
Students with an income of £16,001 to £50,000
| Year of study | Total Bursary | Bursary in Year | Monthly Bursary | Bursary accrued in Year | Total Bursary accrued | Interest accrued |
|---|---|---|---|---|---|---|
| Year 1 | £4,000 | £2,666.67 | £333.33 | £1,333.33 | £1,333.33 | £13.33 |
| Year 2 | £4,000 | £2,666.67 | £296.30 | £1,333.33 | £2,666.66 | £26.67 |
| Year 3 | £4,000 | £2,666.67 | £296.30 | £1,333.33 |
£3,999.99 | £40.00 |
| Year 4 | £4,000 | £2,666.67 | £296.30&²Ô²ú²õ±è; | £1,333.33 |
£5,333.32 | £53.33 |
| Year 5 | £4,000 | £6,666.67 | £606.06 | £2,666.66 | £26.67 | |
| Year 6 | £4,000 | £6,666.65 + £160 interest | £620.60 |
- Bursary payments will be paid in 8 instalments in year 1, 9 instalments in years 2-4, and 11 instalments in years 5 & 6.
- Non-compound interest of 1% will be allocated in years 1-5.
Students with an income of £50,001 to £55,000
Students with an income of £50,001 to £55,000
| Year of study | Total Bursary | Bursary in Year | Monthly Bursary | Bursary accrued in Year | Total Bursary accrued | Interest accrued |
|---|---|---|---|---|---|---|
| Year 1 | £3,000 | £2,000 | £250.00 | £1,000 | £1,000 | £10 |
| Year 2 | £3,000 | £2,000 | £222.22 | £1,000 | £2,000 | £20 |
| Year 3 | £3,000 | £2,000 | £222.22 | £1,000 | £3,000 | £30 |
| Year 4 | £3,000 | £2,000 | £222.22 | £1,000 | £4,000 | £40 |
| Year 5 | £3,000 | £5,000 | £454.54 | £2,000 | £20 | |
| Year 6 | £3,000 | £5,000 + £120 interest | £465.45 |
- Bursary payments will be paid in 8 instalments in year 1, 9 instalments in years 2-4, and 11 instalments in years 5 & 6.
- Non-compound interest of 1% will be allocated in years 1-5.
Students with an income of £55,001 to £60,000
Students with an income of £55,001 to £60,000
| Year of study | Total Bursary | Bursary in Year | Monthly Bursary | Bursary accrued in Year | Total Bursary accrued | Interest accrued |
|---|---|---|---|---|---|---|
| Year 1 | £2,000 | £1,333.33 | £166.67 | &²Ô²ú²õ±è;£666.67 | £666.67 | £6.67 |
| Year 2 | £2,000 | £1,333.33 | £148.15 | £666.67 |
£1,333.34 | £13.33 |
| Year 3 | £2,000 | £1,333.33 | £148.15 | £666.67 |
£2,000.01 | £20.00 |
| Year 4 | £2,000 | £1,333.33 | £148.15 | £666.67 |
£2,666.68 | £26.67 |
| Year 5 | £2,000 | £3,333.33 | £303.03 | £1,333.34 | £13.33 | |
| Year 6 | £2,000 | £3,333.34 + £80 interest | £310.30 |
- Bursary payments will be paid in 8 instalments in year 1, 9 instalments in years 2-4, and 11 instalments in years 5 & 6.
- Non-compound interest of 1% will be allocated in years 1-5.