Financial Services > Student Loans > Student Finance Northern Ireland > Student Loans
Loans are available to help with a student’s living costs, e.g. course materials, accommodation, food, clothes, travel etc. Interest is charged at the rate of inflation, so the amount repaid will be equal in value to the amount borrowed.
Of the total loan entitlement, 25% is means-tested, which means it depends on an applicant’s household income, which is assessed on the basis of whether they are a dependent or an independent student.
Loans are usually paid in three instalments, one at the start of each term, directly into a student’s bank account. All NI students will be issued with a payment schedule letter by Student Finance NI to explain what amounts will be paid and when.
Loan Rates are slightly higher for students living in London (and not in their parental home) to accommodate the higher cost of living there. A decision on whether a student is entitled to the London loan rates is based on the post code of study and will be made by their Education and Library Board (ELB).