At the National Motorsport Academy we understand that attending university on campus is not always possible. Many students would struggle 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 qualifications 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 alongside their studies.
With a tuition fee student loan, even mature students can forget about paying fees and concentrate on becoming a motorsport engineer.
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.
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.
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|
Visit Martin Lewis’ Guide to Part Time Student Loans at the Money Saving Expert website
Student finance eligibility is different if you live in Scotland or Northern Ireland
Or contact firstname.lastname@example.org with any questions you may have