Post Graduate Loan

About this loan

For Full-Time, Durham University, UK self-financing students, we are delighted to be able to offer an opportunity to apply for a Postgraduate Tuition Fee Loan of up to £7,000, to cover the cost of tuition fees.
(The standard loan scheme is designed for full time students who will complete their postgraduate course within one year, but applications from part-time students are welcomed and will be considered.)

Durham University NEfirst Postgraduate Loan Scheme

If the Postgraduate Tuition Fee Loan is agreed, the tuition fees will automatically be paid by NEFirst directly to Durham University.

To apply for this loan you must have already applied to the University for a place on the course you are interested in studying and received either a conditional or unconditional offer letter. You will need your Banner ID to apply for the loan.

You MUST complete a Membership Application form as well as a Loan Application and send it to durham@nefirstcu.co.uk together with your programme offer letter.

Financial Details

  1. The finance cost will be at an annual rate of interest of between 6.2% and 9.4% depending upon the outcomes of the Experian credit score.2. The maximum loan value will be seven thousand pounds (£7,000) to cover tuition fees.3. All loans will be on a twelve (12) month deferred payment schedule.

    Applicants may wish to include a guarantor as part of their application in a bid to reduce the interest rate.  A guarantor would be a UK based parent or guardian that owns their own property, has outstanding equity on the property and is not subject to any existing garnishee order. There would be no charge made over the property. The guarantor will however become liable for the loan in the event of non-payment by the borrower which may lead to charging orders in the event of recover

    Example:

    • £7,000 loan granted on 1st January 2015
    • First repayment instalment due 1st January 2016
    • Term 4 years (following first instalment} at a fixed rate of APR 9.4%
    • Monthly instalments- £163.98
    • Interest during deferred period 0.00% APR
    • Total amount repayable £8274.96