UK Government Student Loans Explained
Accelerate your career with a degree in motorsport
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 £25,000 per year or more. Otherwise, you do not have to repay.
- Student loan repayments only start after four years or when you finish your studies (but only if earning £25,000+ per year).
- If your income drops lower than £25,000, your repayments stop.
- You repay just 9% of your income above £25,000.
- This threshold will rise above £25,000 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, Northern Ireland and Scotland rules are different.
- 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.
Example of student loan repayments
Commencing April after you complete your degree. They assume the current threshold of £25,000 per year.
This threshold will increase in line with inflation, therefore you can earn more before repayments commence.
|Annual income before tax||Approximate monthly salary||Approximate monthly
Repayments will be 9% of your income above £25,000
For more information see Martin Lewis’ excellent Guide to Part Time Student Loans
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:
- Student finance information for Wales
- Student finance information for Northern Ireland
- Student finance information for Scotland
Or contact email@example.com with any questions you may have.
UK Postgraduate Student Loans
Postgraduate student loans of up to £10,609 are available for the Master’s Degree.
Your loan will be paid directly into your bank account with the first payment being made after the University has confirmed you have started your course. The loan will be divided equally across each year of your course. Loans for the NMA Master’s course are available over two years although this can be adjusted during your course if your pace of study is faster or slower than originally planned.
For more information about Postgraduate Student Loans read the excellent article from Martin Lewis at the Money Saving Expert website.
You can also find more information on the De Monfort University Leicester (DMU) website here.
Now you can afford to study for a Master‘s Degree
Post Graduate Loans for masters’ students are available to study the MSc Advanced Motorsport Engineering. This will be the most popular way for NMA students living in the UK to study as this covers the entire cost of their degree. Loans are not based on income or means tested and most students in England & Wales will qualify. (N. Ireland & Scotland have different eligibility). Repayments only start after you finish your studies – but until you are earning more than £25,000 per year you will not have to make repayments.
|UK POST GRADUATE LOANS – THE KEY DETAILS|
|What? – Student loans for postgraduate Masters degrees in all subjects, available for full-time, part-time and distance learning courses.|
|How much? – Up to £10,609 paid directly into your bank account.|
|Who? – UK, EEA and Swiss nationals resident in England or Wales (N.Ireland & Scotland has different eligibility).|
|Where? – Study with any UK university or their partner.|
|Repayment? – 6% of income over £21,000 per year, commencing from April following completion. Interest charged at RPI+3%.|
|Restrictions? – Applicants must be under 60 on commencement, without existing qualifications at Masters-level or above.|
|Applications? – Apply direct with NMA online through the website.|