Student loans explained

Accelerate your career with a degree in motorsport

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 loan repayments only start after 4 years (but only if earning £21,000+ per year)
  • If your income drops lower than £21,000, your repayments stop
  • You repay just 9% of your income above £21,000
  • This threshold will rise above £21,000 with inflation, meaning you can earn more before repayments commence
  • Repayments are deducted monthly by your employer, you don’t need to do anything
  • After 30 years any outstanding balance is written off
  • Should you become incapacitated or die the loan is written off
  • Student loans do not affect your credit rating
  • Student loans are only available to students living in England and Wales who don’t have an honours degree from a UK university

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

Example of student loan repayments

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 salaryMonthly repayment
Up to £21,000 £1,750 £0
£22,000 £1,833 £7.50
£25,000 £2,083 £30
£30,000 £2,500 £67
£35,000 £2,916 £105

More information

Visit and download Martin Lewis’ excellent Guide to Part Time Student Loans or read his article at the Money Saving Expert website.

Or visit the Student Finance England website or the Student Finance Wales website – but you will have to click onto various pages of the website to gather all the information

Student finance eligibility is different if you live in Scotland or Northern Ireland

Or contact with any questions you may have

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