It can be difficult to manage finances at university, especially when studying a five or six year course like medicine. Recognising the difficulties that many medical students and other healthcare students face, the government has set up NHS bursaries - in which you can get an annual payment from the NHS to help with study and living costs. This is not new news, but this article will help you cut through the plethora of information available and clarify how much YOU can actually get. This article will detail who is eligible for an NHS bursary, what you can expect to receive from an NHS bursary and how to apply. Who? Medical and dental students who are eligible to apply for NHS Bursary funding in the later years of their course. Undergraduate course - years five and six (if applicable). Accelerated four year graduate course - years two , three and four . Eligibility: Available to students who were ordinarily residents in England on the first day of the first academic year in which their medical course began. If you moved to England from elsewhere in the UK wholly or mainly for the purpose of undertaking full time education, you should contact the relevant funding authority in Scotland , Wales or Northern Island . If you are an international student it gets a little bit more complicated - full details can be found here . What? Tuition fees - Up to £9,250 for undergraduate courses. 				 - Up to £3,715 for graduate-entry courses. 	 	 2. Means-tested bursary: 				 The maximum rates for full-time students in 2020/21 are:
Attending a university in London and living in lodgings/own home - up to £3,191 per year.
Attending a university outside London and living in lodgings/own home - up to £2,643 per year.
Living in parental home (all areas) - up to £2,207 per year. The means-tested bursary classes students as 'independent' or 'dependent'. If you are classed as 'dependent', then the bursary will be calculated on the income of your parents. This article will be focussing on 'dependent' students, as this will be the majority of students. Any taxable earned or unearned income that has been declared by your parents will be used to calculate the means-tested bursary. The amount you receive will be reduced in proportion to that income. The amount of income that's used to calculate your bursary is termed residual income . To calculate this, your parents' gross taxable income for the previous financial year is used. Deduct expenses from parents' income, which are as follows: Employee pension contributions Personal pension contributions (if they attract tax relief) Loan interest - if allowed for tax purposes Professional subscriptions and any other tax relievable expenses Next, calculate a contribution . This is the amount that will be deducted from the maximum means-tested bursary you are entitled to. This is calculated at £1 in £9.50 on residual income £24,279 and over, plus £45. Then calculate your Extra Weeks Allowance . This applies if your course runs for more than 30 weeks and 3 days per year (which will be the majority of medical courses), with the amount depending on location. London - £108 per additional week. Outside London - £84 per additional week Parental Home - £56 per additional week Therefore, to calculate how much means-tested bursary you are entitled to receive: Contribution = Residual Income /9.5 + 45 Total means-tested bursary = (Maximum bursary + Extra Weeks Allowance )- Contribution 	3. Non-means tested grant - £1000 per year, regardless of accommodation and location. 	 This is on top of any means-tested bursary. How? You must first register for an online account with the Bursary Online Support System (BOSS). You can then make a bursary application. Link here for BOSS website. And click here for a step by step guide in completing an application form. Key points All applications must be made within nine months of the start of the academic year for which the claim is being made. You will have to re-apply each year for an NHS bursary (if applicable) Additional sources of help for medical students Student loans University Hardship Funds NHS Low Income Scheme The NHS Bursary Hardship Grant Watch this space for more articles on all things medical student related!