Before you apply, here are a few things we would like to make you aware of:

• Student Assistance Loans will be held jointly in the names of the student and a parent/legal guardian or sponsoring business.
• To be eligible, students must be between 18 and 21 years with a confirmed university placement within the United Kingdom.
• The loan is being offered to assist students with the costs of living away from home during their university studies.
• The maximum loan of £5,000 can be borrowed for each year of study, and up to a maximum of three years; total borrowing over a three year period is £15,000.
• The loan must be secured, it will be secured by being held jointly with a guarantor, as well as physical security. 
• Disbursement of loan funds and loan repayments will be transacted through a Bank of St Helena account.
• The maximum period for each loan is 120 months / 10 years.
• Interest will be charged at 6% per annum.
• The loan can be paid back in one of two ways:
  • Repayments of interest only during the student’s years of study; repayment of principal and interest must commence once the student completes their studies (up to a maximum of three years).
  • Repayment of interest and principal from the outset.
• There is a £10 Application Fee.

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