Has anyone re-trained and how did you fund it?

A question about : Has anyone re-trained and how did you fund it?

Hi,

I work for the NHS (19 years service soon) but, due to relocation of the job and the complications of hours changing, I have decided I need to re-train.
My union has been hopeless with this and I have, basically, given up with them so expect to leave the NHS with nothing.

I have secured a university PGCE (I am very interested in teaching) and have decided to do the course over 2 years. The university said I can only do it over the 2 years now. It is classed as flexible and part time. As I am leaving the NHS though (due to the complications) I will not be earning anything.

How will I fund it with only a Ј4K bursary to last 2 years? I have a husband who works (Ј28K) and 2 children (11 and 7 this year). I am considering reducing my mortgage payment down by 50% for the 2 years and either using the endowment to pay back the difference or adding another year to the term. Has anyone done this? Mortgage payment is Ј729.67 so I would take it down to Ј365. We have a very low interest rate (1.25%) for the term and a 25 year endowment with 2 years left on it. My husband also has access to his pension lump sum in 2 years time. So, in theory, we could do it.

Best answers:

• I think we would qualify for tax credits but it is complicated as I am leaving in the summer, not April.
• Endowment, at worse, Ј25K
• I would like to keep the mortgage payments at Ј729 if possible.
  Any bright ideas?
• Find another job?
  Depending on what type of PGCE you are doing you may only be at uni approx 5/6hrs a week. You will need to do approx 70hours of teaching throughout the year but this can be done in evenings or weekends, not just days.
  I did a 2 year part time Post 16 Further Education PGCE whilst working full time. I had uni on a Weds between 2pm and 7pm. I was lucky in that my employer gave me the pm off for free as it benefited them, and my employer was also my teaching practice (70hours over each year).
  The uni/college may offer you paid employment on a hourly basis if you have a suitable subject to teach, which will count towards your teaching hours.
  Most of my pgce colleagues either did the pgce through their employers, taught hourly in the college or had part time work in retail or bar work etc to tide them over.
  If you are doing a primary or secondary pgce then this may be more difficult but you will only be at uni from late Sept to May time so can work full time through the summer, and could work weekends.
  Alternative would be to find any job for a year and save up for doing the pgce the year after.
  Good luck.
• Would it be feasible within the teaching timetable to do a few Bank shifts?
• Yes, I did a Masters degree in an unrelated subject area after 27 years working in IT. I funded my own living expenses from savings, and was lucky that SAAS funded qualifying students for course fees at that time, although I believe that may have stopped since then.
• Have you looked into career development loans? I would ring the national careers service - I found them very helpful for funding advice.
  The other thing to do is look up lists of grant making organisations eg Turn2Us has loads and see if you qualify for any.
• With a full time PGCE you are entitled to a loan and a grant. Including my bursary I got around 12K. Could you not delay and hold out for a full time PGCE?
• What are you hoping to teach with the PGCE?