When you enrol with us, you’ll be offered the opportunity to pay your fees through a study loan from OUSBA. If you choose this way to pay, then OUSBA pays your fees to The Open University on your behalf, and you repay OUSBA either in a single sum or in monthly instalments, as you prefer.
You can repay OUSBA at any time before the course begins. In this case, there’s no interest. We call this option ‘register now, pay later.’
Alternatively, you can repay OUSBA in monthly instalments payable over up to a year. In this case, interest does apply. The interest rate is fixed for the duration of the course, current representative APR is 5.1%. We call this ‘paying by instalments.’
An OUSBA agreement is a legally binding credit agreement between you and OUSBA Ltd. By signing this agreement you'll be liable for the repayments in accordance with its terms and conditions.
As a responsible lender, every application made to OUSBA undergoes a credit and affordability check with a Credit Reference Agency to ensure you can meet your financial obligations.
Many students find OUSBA to be a convenient ‘pay as you go’ option.