What is the Turing Scheme?

Turing Scheme has been launched to provide funding for UK students to study or work abroad. Here’s everything you need to know about the scheme.

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

Young people friends meeting in quarantine and greeting without touching their hands

Image source: Getty Images

When investing, your capital is at risk. The value of your investments can go down as well as up and you may get back less than you put in.

Read More

The content of this article is provided for information purposes only and is not intended to be, nor does it constitute, any form of personal advice. Investments in a currency other than sterling are exposed to currency exchange risk. Currency exchange rates are constantly changing, which may affect the value of the investment in sterling terms. You could lose money in sterling even if the stock price rises in the currency of origin. Stocks listed on overseas exchanges may be subject to additional dealing and exchange rate charges, and may have other tax implications, and may not provide the same, or any, regulatory protection as in the UK.

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More.

Thousands of UK students will be able to study or work abroad from September 2021 through a new government programme known as the Turing Scheme.

This scheme replaces the EU’s Erasmus Scheme which is no longer available in the UK following Brexit. Here’s everything you need to know about the Turing Scheme.

[top_pitch]

What is the Turing Scheme?

The Turing Scheme is named after the famous British mathematician and code breaker Alan Turing. Its aim is to provide funding for students in universities, colleges and schools to go on placements and exchanges overseas.

Under the scheme, these institutions will be able to apply for grants to help cover the cost of projects that give their students opportunities to study or work abroad from September 2021.

If they are successful, these institutions can then invite their own students to make applications for individual funding.

A total of £110 million worth of funding is being made available to support projects and activities for the 2021/2022 academic year. Up to 35,000 students are expected to benefit from the scheme.

Applications are currently open and deadlines are as follows:

  • Higher education funding – 12pm on Friday 9 April
  • Further education, vocational education and training funding  – 12pm on Friday 7 May
  • School funding – 12pm on Friday 7 May

Who can use the scheme?

The scheme will be open to university students as well as students in vocational training, apprenticeships and those retraining via a school or college.

If you are in Northern Ireland, you can participate in either the Erasmus Scheme or the Turing Scheme. 

How does the Turing Scheme differ from Erasmus?

First, the Turing Scheme will provide funding for placements across the world. The Erasmus Scheme only covers placements across the EU and a few non-EU countries that pay to be involved.

The government also says that the Turing Scheme is targeted at all students, particularly the most disadvantaged. Under the Erasmus Scheme, the most privileged UK students were 1.7 times more likely to benefit from studying or working abroad.

The Turing Scheme will also be providing funding for travel costs for disadvantaged students, as well as visas, passports and related travel insurance.  The Erasmus Scheme only provided travel support to participants who travelled to partner countries. This only included around 3% of UK participants.  

Regarding tuition fees, the government expects these to waived by host universities as was the case with the Erasmus Scheme.

If you’ve secured funding under the Erasmus Scheme, you can participate until the end of the 2021-22 academic year. After that, you’ll have to apply for the Turing Scheme.

[middle_pitch]

How much money can you get?

How much you get will depend on where you are going and for how long.

University students from poorer backgrounds are set to receive a maximum of £490 per month towards living costs. That’s equivalent to €573, which is more than the € 540 students were getting under the Erasmus Scheme.

As mentioned, students will also get funding for travel and other costs including insurance, passports and visa.

More information about the scheme, including how much you can get, can be found on the official Turing Scheme website.

What do I need to know about studying abroad?

Since Brexit, new immigration regulations that affect UK students going to the EU have come into effect. You can now only stay in an EU country for 90 out of every 180 days without a visa.

Before you travel, it’s a good idea to read the government’s guidance for UK students planning to study in the EU. It’s also worth reading the general advice for living in other countries across the world.

It’s a good idea to consider taking out comprehensive travel insurance to protect yourself from any mishaps or medical emergencies that could happen during your stay.

Finally, if you plan on studying abroad, think about taking a travel credit card with you. It’s safer and more convenient than cash and could come in handy in case of an emergency.

Travel credit cards don’t charge you for foreign transactions or cash withdrawals, which can reduce the cost of your stay.

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

More on Personal Finance

Note paper with question mark on orange background
Personal Finance

Should you invest your ISA in a model portfolio?

Which model ISA portfolios offer both high performance and low fees? Hargreaves Lansdown, Interactive Investor and AJ Bell go under…

Read more »

Economic Uncertainty Ahead Sign With Stormy Background
Personal Finance

Is it time to exit emerging markets investments?

Investors may well be sitting on losses from emerging markets funds. Is it worth keeping the faith for a sustained…

Read more »

Personal Finance

Share trading? Three shares with turnaround potential

Share trading has been difficult in 2022, but which companies have turnaround potential? Jo Groves takes a closer look at…

Read more »

Man using credit card and smartphone for purchasing goods online.
Personal Finance

Revealed! Why Gen Z may be the savviest generation when it comes to credit cards

New research reveals that Gen Z may be the most astute when it comes to credit cards. But why? And…

Read more »

Environmental technology concept.
Personal Finance

The 10 best-performing sectors for ISA investors

The best-performing sectors over the past year invested in real assets such as infrastructure, but is this trend set to…

Read more »

Road sign warning of a risk ahead
Personal Finance

Recession risk ‘on the rise’: is it time for investors to worry?

A major global bank has suggested the risk of a recession in the UK is 'on the rise'. So, should…

Read more »

pensive bearded business man sitting on chair looking out of the window
Personal Finance

1 in 4 cutting back on investments amid cost of living crisis

New research shows one in four investors have cut back on their investing contributions to cope with the rising cost…

Read more »

Image of person checking their shares portfolio on mobile phone and computer
Personal Finance

The 10 most popular stocks among UK investors so far this year

As the new tax year kicks off, here's a look at some of the most popular stocks among UK investors…

Read more »