At the National Motorsport Academy we understand that studying for a university degree on campus is not always possible. Many students would not be able to fit study around a full time job and family commitments. For many capable enthusiasts who have always wanted a career in motorsport, obtaining the necessary degree has seemed impossible. Now mature students have been given a second chance and college/school leavers have the opportunity to earn-while-they-learn and gain practical motorsport experience as they study for their degree.
With a tuition fee student loan, even mature students can forget about paying fees and concentrate on becoming a qualified motorsport engineer. Even if you already have a degree in a non-related subject, you are still eligible for a student loan (or a second student loan) to study an engineering subject.
It is important to note that student loans are not based on household income or means tested, consequently the majority of students in England and Wales will qualify (N. Ireland and Scotland will vary).
In a nutshell, this means that the government will be paying your tuition fees, and repayments will only commence after 4 years, but only when you earn £21,000 per year or more. Otherwise you do not have to repay.
Student loans are one of the cheapest and safest forms of long-term borrowing possible. The massive advantage over normal borrowing is you only repay if you earn enough, and if you lose your job, repayments stop.Martin Lewis Money Saving Expert Part-time Student Guide
The amount you repay is based only on what you earn, not what you borrowed – therefore no matter how much you take out in loans, you’ll pay the same back each month.Martin Lewis Money Saving Expert Part-time Student Guide
Commencing April after you complete your degree. They assume the current threshold of £21,000 per year.
This threshold will increase in line with inflation, therefore you can earn more before repayments commence.
|Annual income before tax|
Repayments will be 9% of your income ABOVE £21,000
|Monthly salary||Monthly repayment|
|Up to £21,000||£1,750||£0|
Student finance eligibility is different if you live in Scotland or Northern Ireland
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