Everyone will be expected to know:
Money Works trainers:
IMPORTANT FACTS- 16-19 Bursary Scheme
What is it?
A bursary to help with education-related costs if you're aged 16-19 and are studying at school or college or on a training course (including unpaid apprenticeships) in England. It can be used to buy clothing, books, equipment, transport and lunch on study and training days.
Those who will get a bursary
Students most in need will be eligible to receive a vulnerable student bursary of up to £1,200 a year. This group includes:
The exact amount will depend on personal circumstances and benefits.
The bursary is in addition to a living allowance (may be same as benefits entitlement) so that those leaving care will have somewhere to live while studying.
Those who might get a bursary
Other students facing genuine financial difficulties may be awarded a bursary at the discretion of their school, college or training provider. Unlike the Education Maintenance Allowance (EMA), schools, colleges and training providers will be responsible for awarding bursaries to students. They decide when and how much money will be paid, and will set conditions that students should meet to receive a bursary, linked, for example, behaviour or attendance. Michael Gove said that every student receiving FSM should receive £800 from the bursary fund. In reality areas with a high proportion of students with FSM are offering a lot less e.g. a borough in South London are giving students £243.
16-19 Bursary Fund replaces EMA in England, which is closed to new applicants.
IMPORTANT FACTS- Income Support
Income Support is extra money to help people on a low income. It’s for people who don't have to sign on as unemployed. Whether you qualify or not and how much you get depends on your circumstances.
To be eligible, all of the following must apply to the claimant:
You may get Income Support if you are one of the following:
Young people in relevant education may also get Income Support. Generally this means full-time education up to A-level or Scottish Certificate of Education (Higher level). This might apply if you:
You can get Income Support as well as some other benefits. Contact Jobcentre Plus to find out more.
Only one person in a family can claim Income Support at any one time. There are several types of premiums (extra amounts) you may get based on your and your partner's circumstances. Contact Jobcentre Plus to find out more.
You can still claim Income Support if you are sleeping rough or living in a hostel.
How much
The standard amounts for 16 – 24 year olds is £57.90 a week and £73.10 for those aged 25 or older. However if you are in a couple, have children or other circumstances apply the amount is likely to be different.
Income Support is paid into a bank account.
Note
Income Support will be incorporated into Universal Credit, and considered when calculating your Benefit Cap.
IMPORTANT FACTS- Budgeting Loans
NUMBERS TO REMEMBER:
- 16-19 Bursary Scheme equals to £1,200 a year.
- Standard amount for Income Support for 16 – 24 year olds is £57.90 a week and £73.10 for those aged 25 or older.
- You can apply to borrow between £100 and £1,500 as a Budgeting Loan.