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.
- Loan will cover the full cost of your NMA degree.
- Loan repayments start from the April after you complete your course—but only if you are earning more than £27,295 per year (the repayment threshold).
- If you never earn £27,295 a year — you never repay.
- If your income falls below £27,295, your repayments stop—for example if you take a career break or are unemployed—until you start earning £27,295 again.
- You repay just 9% of your income above £27,295.
- The amount you repay depends on how much you earn, see the example of student loan repayments below.
- 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.
- If you already have a Degree in a different subject you can still take out a student loan for an Engineering Degree under Government priorities.
Already studied a first degree using a tuition fee loan? Dont worry!
The BSc (Hons) Motorsport Engineering is a qualifying course for second degree funding.
If you have already studied for a first degree and received a tuition fee loan, you may still qualify for a second degree loan when you apply through Student Finance England (SFE).Â
Our BSc in Motorsport Engineering is eligible for secondary degree funding as a part-time course in engineering and technology. You will need to meet the standard criteria for all students applying for a loan.
Maintenance loans may be available to students with qualifying disabilities.
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 repayment |
|---|---|---|
| Repayments are 9% of your income ABOVE £27,295 | ||
| £27,295 | £2,275 | £0 |
| £29,500 | £2,458 | £21 |
| £31,000 | £2,583 | £33 |
| £33,000 | £2,750 | £48 |
Further Information
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:
Or contact support@motorsport.nda.ac.uk  with any questions you may have.
" 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