From today OU students in England new to part-time study can start to apply for a loan from Student Finance England.
This is the formal launch of the part-time student loan system through the release of the loan application form by Student Finance England. It comes after the Government announced last year that, as part of changes to the funding of higher education in England, it would extend student loans (tuition fee loans) to the part-time sector.
Will Swann, Director, Students, at the OU, said: ?Opening up tuition fee loans to part-time students gives even more flexibility to students to manage the costs of their studies.
?In the lead up to this day, we?ve been keeping our new students updated on what they need to do to prepare to apply for a loan. For most people, this will be the first time they?ve been through this process and we?ve produced a wide range of guidance to help them.?
Tuition fee loans mean students are able to study without paying anything upfront. Loans are available to people in England studying for their first undergraduate qualification (or one higher than any they already hold) and starting after September 2012.
'Not a barrier to study'
Students taking out a tuition fee loan will not have to make any repayments until four years after they start their studies, and will only make repayments if they?re earning more than ?21,000.
Will Swann added: ?We?ve also put in place the OU Guarantee for this year. Student loans have been part of full-time university study for years, but they are new to part-time students. We want to reassure students who might be worried that they won?t be approved for a student loan in time, that this doesn?t need to be a barrier to study.?
The OU Guarantee will enable students who are eligible for a student loan to start studying even if they haven?t received their student loan confirmation before their course starts.
In addition to loans offered by Student Finance England, the OU has a range of flexible payment options to support students when it comes to financing their studies.
Flexible ways to pay
The Access to Success Route provides help with the cost of study and enhanced levels of learner support via two simple steps. It has been designed to help those on low incomes and with no formal qualifications to take their first steps in higher education. The Access to Success Route is funded by the Government?s National Scholarship Scheme and the OU.
Students who are not eligible for a tuition fee loan, or choose not to apply for one, could pay their tuition fees in instalments through OUSBA, the OU?s flexible ?pay as you go? finance system. Through OUSBA, students can spread the costs of their module fees into instalments. There is also the option for students to pay their fees in full upfront, or approach their employers for sponsorship.
In response to the new funding regime the OU launched a new video which helps people navigate through the financial options available.
Employer sponsorship
?Ways to Pay? takes students on a whistle-stop tour through the Government?s tuition fee loans, financial support for students with low incomes, the Access to Success Route, the OU?s own loan system, employer sponsorship and paying upfront, and is available at www.open.ac.uk/ways2pay
If you?ve already registered to study with the OU for the first time in October you?ll be able to find more information about applying for a student loan by logging into StudentHome.
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