How we work it out

How we work it out

• Left each month = money coming in after tax minus the five essential spending amounts.
• Pay the university directly: Pay the university directly assumes you pay the fee in three instalments: at the start, after 4 months and after 7 months. Universities’ own payment terms vary; check with the university. We run the first 12 months from your savings and contributions, adding what you have left each month and any SLC master’s loan payment, and taking off each instalment. Likely affordable if your money never drops below £0; possible if it dips below £0 during the year but your savings, contributions, SLC master’s loan and what you have left over the 12 months cover the fee; otherwise unlikely.
• StepEx loan: provisional check (StepEx partner courses only): we check whether the monthly repayment fits what you have left each month after essential spending, and whether your savings cover any deposit. The result is likely, possible or unlikely. A StepEx loan also depends on a credit check and other checks. It uses only the figures you enter; it is not a credit search, not StepEx’s affordability assessment and not a decision.
• SLC loan (government postgraduate loan, through the Student Loans Company): England £13,206 and Wales £19,635 paid to you in three parts; Scotland up to £7,000 and Northern Ireland up to £10,000 paid to the university. Not for postgraduate diplomas, bootcamps or career accelerators, if you already hold a master’s, or if you are 60 or over (England and Wales).
• Order: by affordability (likely, possible, unlikely), then by graduate outcomes (pay 5 years on for the subject, then the university’s employment rate), then fee. Acceptance likelihood will be added as the third measure later. Courses with StepEx finance get no preference.