Citizens Advice Bureau

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LOCAL INFORMATION

Student Loan Scheme (5.10.23)

Extent: Jersey
Updated 7 March 2017

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Words you may need to know

 

Eligible - allowed

Residency - the right to reside or stay in a place

Criteria - a set of rules

Confirmation – something has been agreed as correct

Contribution – giving towards something (here, a financial contribution)

Academic performance - evidence of working at a particular standard

Variable - changeable

The Department for Education has reached an agreement with Natwest bank to facilitate a loan of up to £1,500 per year for Jersey Students undertaking full time courses in higher education.

Who is eligible?

Any student who has applied for financial support from the Department for Education in order to undertake a full time course of higher education and has met the criteria for eligibility with respect to residency and academic performance.

How do you apply for a loan?

If you have applied for a student award you will be asked if you are intending to take up a student loan. Once your place on the course is confirmed or, if you are returning to the island and have confirmation of your progress on to the next year, the Student Finance office will send out Notification of Award setting out the contributions of students, parents and Education towards the costs of higher education.

You will need to make an appointment and take this Notification along to your bank together with photographic ID and evidence of your address e.g. bank statement, in order to set up a loan account.

Apart from setting up an account for your loan, you don't have to sign up for any other services with the bank. However, you are of course, free to apply for other services if you wish.

The Jersey branch of Natwest is the only bank participating in the Student Loan Scheme.

Natwest Bank-Student Loan Scheme

 

How does the account work?

When the loan account is opened you will be able to draw down up to £1,500 during any academic year. There will be a maximum of three withdrawals during this period however there is no restriction on the number of times repayments may be made. Interest on the balance of the loan will be charged on a daily basis. Repayment of the loan will in any case begin 12 months after the completion of the course or, in the event that a student withdraws, 12 months after that formal withdrawal. The maximum repayment period is 5 years. It will not be possible to move the loan account to a different bank during the course of the loan.

What is it likely to cost me?

The bank has agreed to charge interest at three percent above the base rate, which is a variable figure. The amount you have to repay at the end of the loan period depends on the withdrawals and repayments you have made during that period.

Maximum loan amount per annum  £1,500
Interest rates Base rate +3%
Grace period One year
Repayment period 5 years

What should I do if there are any problems?

If there are any difficulties or questions about the scheme itself please contact the Student Finance on the following details:

Student Finance

  • T   01534 449450
  • E   This email address is being protected from spambots. You need JavaScript enabled to view it.

Monday to Friday 8.30am - 4.30pm

Careers Jersey
Philip Le Feuvre House
La Motte Street
St Helier
Jersey
JE4 8PE

Once a loan account has been established, questions about the financial arrangements can be asked directly to the bank