Tuition Fees Loans
Loans to cover student contribution
The department may give you a Loan to cover the whole or part of your contribution towards a fees grant. You must apply for your Loan every year that you intend to study.
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 £21,000.
Interest is added annually on the amount outstanding, at the Bank of England Base Rate plus 2% (as of 1 July each year), calculated by reference to the amount owing on 1 July each year following the end of your course.
The amount you must pay by way of annual repayment is 9% of the amount (if any) by which your earnings for the year exceed £21,000 until the loan plus any interest due has been fully paid.
You can choose to repay all or part of your loan at any time but you are not required to make any repayments until 1st July in the year following that in which you finish studying. Once you have finished your studies and interest has started to be applied to your Loan Account you will need to fill in a Student Loan Income Assessment Form at the end of each financial year.
All Students who have taken a Loan will be sent 2 Loan Statements a year. The first will be sent 6 month’s before Interest is to be added (around January) and the second will be sent a month after Interest has been added for the year (around July/August)
Once a Student’s Loan has been fully repaid an Account Closed Statement will be sent out a month after the student’s final payment has cleared our systems.
If you have any enquires regarding the Student Loan, the interest added or how to make repayments please see our 2018/19 Tuition Fees Loan FAQs document or alternatively you can contact SAloanrepayments@doe.gov.im