UK Undergraduate Student Loans
Accelerate YOUR Motorsport Career!
You can afford to study for a Bachelor's degree in motorsport engineering
Here 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 four years or when you finish your studies, but only when you earn £27,295 per year or more. Otherwise, you do not have to repay.
Example of Student Loan Repayments
These are based on the current repayment threshold of £27,295 per year.
This threshold will increase in the future in line with inflation, therefore your earnings will be higher before repayments commence.
|Annual income before tax||Approx monthly salary||Approx monthly|
|Repayments are 9% of your income ABOVE £27,295|
For more information see Martin Lewis’ excellent Guide to Part Time Student Loans at the Money Saving Expert website, or see the article on the Money Saving Expert website.
You can also visit the Student Finance England website—although the information is not all in one place and you will have to click onto different sections of the website. For your convenience here is a link to the loans guide from Student Finance England.
Student finance eligibility is different if you live in Wales, Scotland and Northern Ireland: