New loan scheme to help postgraduate students

Thu, 12 Jul 2012

A new loan scheme has been finalised to help students who will be asked to contribute more towards their tuition fees.

The Department of Education and Children has made changes to the current system meaning those starting post graduate courses will have to contribute £5,000 a year towards fees.

This is an increase of £4,000.

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

Isle of Man Bank will now offer loans at three per cent over the base rate with repayments starting a year after graduation over a maximum of eight years.