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Paying for your study with an Open University Budget Account

The Open University Student Budget Account Ltd (OUSBA) is a convenient way to pay your course fees, subject to your individual circumstances.

Pay monthly

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 of 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.

Yvonne Quaintrell stood with her Husband and Father

I funded my course using OUSBA, which was absolutely brilliant as it meant I could pay for it in monthly instalments and didn’t have to worry about paying upfront or taking out a student loan and end up in debt. The Open University is cheaper than ‘brick’ unis. My eldest son has just finished his degree and he’s thinking about how to pay off his fees… I didn’t have that worry as I paid for it as I did it.

Yvonne Quaintrell, BSc Social Science, Msc Psychology, Diploma Forensic Psychology

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.

Joint loan applications

If you feel you would be unable to obtain an OUSBA loan on your own due to credit history or affordability issues, OUSBA offers the option to apply for a joint loan application with a third party, i.e. husband, wife, partner, parent, sibling friend etc. In such cases, OUSBA will be required to carry out additional affordability checks separately and/or collectively for both joint applicants who will be jointly and severally liable for loan repayments.

As additional affordability checks are required when processing joint loan applications, unfortunately, an instant decision cannot be given. On average the processing time for a joint loan application is five working days from receipt of the required documentation.

Learn more at the OUSBA website.

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