How does OUSBA work?
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 this way, 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 from the date the course starts. The interest rate is calculated on the amount you borrow and is fixed for the duration of the agreement, 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 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. Representative APR is 5.1%.
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.