Sources of funding
Student Loans for part-time students
If you are a home or EU student starting one of our undergraduate courses in Autumn 2013, and do not already have an undergraduate degree, you may apply for a non means-tested loan student loan to cover all or part of your fees.
You can find information on repayment of loans and an application form on the Student Finance England website.
How much loan should you apply for?
You may apply for all or part of your fees. If you have received a bursary towards your fees you must deduct this amount from the total amount of your loan. The loan will be paid directly to the Department in three instalments.
Once you have confirmation from Student Finance England that your loan has been approved, please contact the Access Officer at firstname.lastname@example.org to let her know and forward the payment schedule to her when you receive it.
You may not carry forward a surplus from one year to the next so it is important to apply for the correct amount. If for any reason you apply for a larger loan that you ultimately need, the Department can reduce the total, given adequate notice.
Applying for a loan for the Certificate of Higher Education
Before you apply for a student loan you should work out the amount of courses you are planning to take for the academic year 2014/15 and apply for the amount you will be liable to pay in fees. If you are planning to take a Summer School or schools (OUSSA) you may apply for a loan for £610 for each school, which is the fee for the teaching element of the course. You will be required to pay the balance, which is the accommodation element of the fee.
Please note, the title used by Student Finance England for the Certificate of Higher Education is "(CERTHE)COMBINED SUBJECTS"
The Department would encourage prospective applicants to consider taking out a student loan to cover their tuition fees. Whether you do so or not is of course entirely up to you, but, for many students, it would be financially advantageous to do so – some will not have to repay anything. The details of the student loan are unfortunately quite complex, but here are some key facts:
- You become liable to repay the loan in the April four years after starting your course or in the April after completing of your course, whichever is the sooner, though not before April 2016 in any case;
- You only start to repay your loan when you are earning more than a threshold amount – currently £21,000 pa;
- If your earnings drop below this threshold, you cease to make repayments;
- The rate of repayment is independent of the amount of the loan, being fixed at 9% of your income above £21,000. So if you earn £25,000, you repay £360 a year, or £30 a month;
- You may repay your loan in full or part at any time without incurring any penalty;
- After 30 years your loan will be written off ;
- If you die before repaying your loan it is also written off.
N.B. The information given here applies to students resident in England: slightly different conditions may apply to those resident in other parts of the UK.
There is plenty of useful information on loans on the Student Finance England website, including a repayment calculator that will help you estimate how much you would repay.
In addition, The Independent Taskforce on Student Finance Information has produced a series of useful part-time student finance materials to help you understand the implication of taking out a student loan:
- A guide in pdf format: You Can Afford To Go To Uni
- A video featuring Martin Lewis of MoneySavingExpert.com, and head of the Taskforce
- A student finance calculator from MoneySavingExpert.com which enables prospective part-time students to work out what they would pay back.
The two calculators appear to use different assumptions about future financial trends – such as the rate at which your income, and the ‘£21,000’ threshold may increase – and these can dramatically affect the apparent repayments. The Department is unable to offer financial advice, but we would point out that, if you never earn above the £21,000 threshold, you would never make any repayments, and the loan would be written off after 30 years.
Please note the correct name and address for the Department when completing the student loan application form is:
University of Oxford - Continuing Education
1 Wellington Square
Please remember to include 'Continuing Education' in the first line, as this helps to distinguish applications for our courses from those applying for full-time degrees.