How to apply for a full-time tuition fee loan
If you plan on studying Nursing, you may be eligible to apply for a Full-Time Tuition Fee Loan.
Loans are issued and approved by Student Finance England (SFE), and you can apply now.
Am I eligible for a loan?
You’re eligible for a Tuition Fee Loan if:
- You’re a UK national or have ‘settled status’ in the UK.
- You’re ordinarily resident in England.
- You’ve been ordinarily resident in the UK, the Channel Islands or the Isle of Man for the three years immediately before starting your module (and not wholly or mainly for the purpose of receiving full-time education).
- You’re not in arrears to the Student Loans Company for non-repayment of a previous student loan.
- You could be eligible for a loan even if you already have a degree.
Applying for a loan
As a Nursing student, you’ll need to apply for a full-time loan of £9,250 per year. Applications usually open in February each year and can take up to 10 weeks to process, so you must apply as soon as possible. You’ll need to apply through SFE.
To apply for a loan, you’ll need:
- Details from your current, valid UK passport.
- Your National Insurance number, if you haven’t given this to SFE already.
Please note: The quickest way to have your loan application processed is by providing your passport details. Without these details, your application may be delayed.
You will need to apply for a loan for each year you study, we’ll let you know when to apply for future years.
We recommend that you select the following options:
- ‘I want the maximum ‘Tuition Fee Loan Amount’’. This ensures that any modules you start in your seasonal academic year will be covered by the loan.
- ‘Yes, automatically adjust my Tuition Fee Loan’. This means that you’ll only have to make one application to SFE for your intended study for your seasonal academic year, even if your study plans change.
What to do when your loan is approved
If SFE approves your loan application, you’ll receive a Student Finance Entitlement Pack.
Remember: you’ll need to have your loan approved by SFE before your Open University enrolment process can be completed.
- This pack will include a Student Finance Declaration Form that you must sign and return to SFE as soon as possible.
- If you apply online, the form will be available at the end of the online application process. (If you apply by post, you must sign and return the Declaration Form to SFE as soon as possible in order to complete your application.)
- Your loan can only be fully approved once SFE receives the Declaration Form.
- You must send a copy of your entitlement letter when you return the rest of your registration pack to The Open University.
When will I repay the loan?
With a Tuition Fee Loan, there’s nothing to pay up front and nothing to pay for up to four years.
- You’ll only start making repayments when your salary exceeds the income threshold. Currently, this is £25,000
For example: If and when you earn £27,000 a year, you’ll only need to pay back nine per cent of your income above £25,000 which works out at £15.00 per month.
- Repayments are based on what you earn (not what you owe), and they’ll be deducted automatically by your employer through the UK tax system.
- Interest will be applied to your balance at the Retail Price Index plus up to three per cent, once the university confirms that you’re enrolled on your qualification.
- You’re not committed to borrowing the cost of a full degree; you only borrow what you need to cover the coming year’s fees, and you can pay the loan off early if you’d like to.
- After 30 years, any remaining balance you owe will be written off, no matter how much is outstanding.