What is the Tuition fee loan?
All students commencing an off-Island undergraduate or postgraduate degree course are now required to pay a Tuition Fee Contribution of £2,500 per year towards the tuition fees charged by the university. The Department offers a loan facility which is available to all students who are required to pay this contribution.
The department may give you a Loan to cover the whole or part of your contribution towards a fees grant. The option to apply for a tuition fee loan is included in your Online Student Award application. If you wish to take out a loan to cover your universal contribution to tuition fees, simply tick the “YES” box when prompted to select the award you are applying for.
Providing your Student Award application is successful, your loan application will also be approved and this will be notified to you by letter. When you first apply for a Tuition Fee Loan, you will be sent a copy of the loan agreement detailing the full terms and conditions.
You must sign page 16 of the Loan Agreement and then scan or take a photo of the signed page and send it to SAloanrepayments@doe.gov.im alternatively send it by post or hand deliver a copy to the Department of Education, Sport and Culture, Hamilton House, Peel Road, Douglas, Isle of Man IM1 5EZ. It is recommended that you also retain a copy for your records.
Your loan is, however, subject to the signing of a loan agreement between you and the Department. No payments will be made to your institution until the agreement is signed and returned to the Department.
By signing your Loan Agreement you will be liable to make annual repayments with effect from 1 July of the year following that in which you cease to study for a course supported under the Regulations, providing your income exceeds £25,000.