Student loans explained

UK Undergraduate Student Loans

NDA part-time undergraduate degree students are eligible for a student loan to cover the entire cost of their tuition fees. There are no upfront fees to pay.

If you are not a previous NDA student please wait until you have been offered a place on your course before applying for your student loan.

 

> Loan will cover the full cost of your NDA degree

> Loan repayments start from the April after you complete your course – but only if you are earning more than £25,000 per year (the repayment threshold)

> If you never earn £25,000 a year – you never repay

> If your income falls below £25,000, your repayments stop – for example if you take a career break or are unemployed – until you start earning £25,000 again

> You repay just 9% of your income above £25,000

> The amount you repay depends on how much you earn, see Example of Student Loan Repayments

> Any repayments are deducted monthly from your salary by your employer; you do not have to make payments

> After 30 years any outstanding balance is written off

> Should you become incapacitated or die – the loan is also written off

> Student loans do not affect your credit rating

> Student loans are only available to students without a previous Honours Degree from a UK university

> Students wishing to fund a second degree can apply for a private student loan on favourable terms from Future Finance

UK Postgraduate Student Loans

Postgraduate Student Loans of up to £10,609 are available for the Master’s Degree. Your loan will be paid directly into your bank account with the first payment being made after the University has confirmed you have started your course. The loan will be divided equally across each year of your course so it is important when applying for your loan that you have thought about how quickly or slowly you are likely to progress. Loans for the NDA Master’s course are available over 2 or 3 years. You should opt for the one that most accurately reflects your intentions at the start of the course; this can be adjusted during your course if your pace of study is faster or slower than originally planned.

For more information about Postgraduate Student Loans read the excellent article from Martin Lewis at the Money Saving Expert website.

You can also find more information on the De Monfort University Leicester (DMU) website here.

 

Now you can afford to study for a Master‘s Degree

Post Graduate Loans for MA Students (or tuition fee loans) have now been introduced for Students starting their Master’s Degree on or after 1st August 2017. This will be the most popular way for NDA students to study as this covers the entire cost of their degree. Loans are not based on income or means tested and most students in England & Wales will qualify. (N. Ireland & Scotland have different eligibility). Repayments only start after you complete your degree – but if you earn less than £21,000 per year you will not have to repay.

UK Master's Loans - the key details

What? Student loans for postgraduate Masters degrees in all subjects, available for full-time, part-time and distance learning courses.
How much? Up to £10,906 for students starting on or after 1st August 2019.
Who? UK, EEA and Swiss nationals resident in England or Wales (N.Ireland & Scotland has different eligibility).
Where? Any UK university or partner.
Repayment? 6% of income over £21,000 per year, commencing from April following completion. Interest charged at RPI+3%.
Restrictions? Applicants must be under 60 on commencement, without existing qualifications at Masters-level or above.
Applications? Available online.