DEC making arrangements for student loans

Fri, 09 Mar 2012

Hamilton House, the Department of Education and Children's Headquarters

Student loans will be brought in on the Island if changes to funding university study for Manx students are approved at this month's sitting of Tynwald.

Those applying for courses that are longer than 3 years will have to contribute £5000 for their 4th and any subsequent years of study.

The Department of Education and Children says it's making arrangements with local banks to make loans available to those who'll have to pay the extra £5000, with a preferential interest rate and guarantee by the Treasury.

The Department has an £11million budget for higher education support for the coming financial year.

Tynwald will vote on changes to funding tuition fees at its March sitting.