Learn the best skills, without the stress of paying upfront

Shared Income Agreement Amount:
‍The amount of the loan which corresponds to the amount of your tuition.
‍
Income Share Percentage:
‍The percentage of monthly income you will repay.

Required Repayments:
The number of monthly repayments required to fulfill your Shared Income Agreement obligation.
‍
Final Repayment Date:
‍A Shared Income Agreement in good standing ends either when the cap is reached, the maximum number of repayments are paid or when the final repayment date is reached, even if - based on your monthly earned income - you have been required to pay less than the SIA amount or nothing at all.

Minimum Income Threshold:
‍The income that you must be earning in order to make repayments. If you are earning below that, then repayments are paused.
‍
Repayment Cap:
‍The maximum amount you can be obligated to share, expressed as a multiple of the Shared Income Agreement amount.

A Shared Income Agreement ends when one of these events occurs first:
(i) the student reaches the Maximum Number of Repayments (Repayment term);
(ii) the student reaches the Repayment Cap; or
(iii) the Final Repayment Date is reached (it ranges from 7 to 10 years from the date the contract is signed).

As with any financial product, the terms, conditions and risks should be carefully considered. It is important that you review your Shared Income Agreement contract and understand your obligations. We ensure that we are transparent with the Shared Income Agreement terms and conditions so that you find no surprises.

If you are below the minimum income threshold and have proof, then you will not be required to make payments. For example, suppose the minimum income threshold for your Shared Income Agreement is £2,000 gross per month (equivalent to £24,000 gross per year). If your gross income falls below £2,000 gross per month, your repayments will pause during those months. Your repayments will resume when your gross income is at or above the minimum threshold established in your Shared Income Agreement contract.

When reporting your income you must provide documentation as proof. Examples of accepted documents are as follows:
- Payslips / invoices.
- Contract of employment.
- Government unemployment letter.
- Employer letter for parental leave.
- Medical letter for long-term sickness.

If you fail to report your income we will assume an Automatic Monthly Contingent Repayment amount. We calculate this as 1.5x the agreed minimum monthly income threshold (times by your share amount) between months 4-9 post-graduation. This is raised to 2x at month 10.

Example calculation:

When completing the net income and expense form you will need to provide a document as verification of the values you have stated. We accept standard bank statements in both digital and scanned forms.

The total amount you are contractually obliged to pay back will reflect your education provider’s dropout policy (this will be included in your contract). The day you inform both your education provider and StudentFinance your intention to terminate the course will be considered your drop out day and will be used to calculate the amount outstanding on a prorated basis. If your Shared Income Agreement needs to be prorated, we will always first check the percentage of days you studied (start date - informed drop out date), and we will use this same percentage to calculate the remaining amount to repay from your Shared Income Agreement cap value and remaining max repayments.