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Loan scheme finalised for student tuition fees

Students who will be asked to contribute more towards their tuition fees have had a new loan scheme finalised by the Isle of Man bank.

The new system sees students starting post grad courses having to contribute £5000 a year towards their fees, up from the current £1000.

The changes will not affect existing students, meaning it will be three years before it has an impact.

When the regulations were approved, it was announced that a loan scheme would be introduced to assist students.

Arrangements have been finalised with the Isle of Man Bank.

Loans will be offered at 3 per cent over the base rate and repayments will commence a year after graduation and take place over a maximum of eight years.

The £5,000 contribution does not apply to students who are studying on the Isle of Man.

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