Finance your future with Future Finance

Future financeMany people regard getting a postgraduate degree as an investment in their future and they borrow money to achieve this goal. If you're looking for a postgraduate loan tailor-made just for you, look no further then our new funding partner Future Finance – a fantastic new alternative to a bank loan.

 Tailor-made postgraduate loans from £2,500-£40,000

 Affordable repayment plans

 Plenty of time for repayment

 No penalty early repayment options

 Simple online application

 Representative 10.1% APR (variable)

Future Finance is Europe’s first education specialist money lender, creating finance options for both postgraduate and undergraduate students from £2,500–£40,000 with a representative 10.1% APR (variable) to bridge the gap between government loans and the actual cost of studying a university program. Launched in Ireland in May 2014, to date Future Finance has lent money to students from over 130 UK universities and is expanding on a daily basis – currently lending students over £1 million per week.

Future Finance CEO Brian Norton explains, “Future Finance was established to give students across Europe access to a tailored, affordable and transparent financing option to help bridge this funding gap.”

Representative example: 
Loan amount £9,700. Duration 11 years (10 years and 3 months after graduation). Origination charge £630.50. Total amount paid over life of the loan £16,272.43. Interest rate during studies 10.04% pa (variable). Interest rate after graduation 8.04% pa (variable). Repayments 12 payments of £60/month (until 3 months after graduation); 119 payments of £129.59/month and 1 payment of £131.22. Security may be required by way of a guarantee. 
Representative 10.1% APR (variable). Above rates are inclusive of LIBOR.

A Great Alternative To A Bank Loan

With an APR of 10.1% variable – although depending on circumstances and credit ratings rates can be as low as 6% – Future Finance is much cheaper than the payday loans on the market. Plus it is also competitive with bank loans, whilst offering some unique features for students that the bank loans just don’t offer. This is because the repayment terms offered by Future Finance have been uniquely created to help students. Although successful applicants are required to start making their repayments as soon as their funds are received – these monthly repayments are capped at £75 per month maximum until three months after graduation. Then, once they have graduated the students have up to ten years to repay their loan, and during this time they can take up to four payment holidays lasting up to three months each. Having such a long repayment period means that monthly instalments can be kept low, however you need to take into consideration that having longer payment terms will result in the total cost of your loan increasing. Look at the Representative example above to see what your total payment figures could be. 

Work Out Your Budget

For many postgraduate students it is necessary to get additional funding to help with tuition fees and living costs while completing their postgrad programs, and Future Finance is a great option. However, before you do anything (even start your course) it’s a good idea to work out your budget and expenses so you have some idea of how much money you will need for the duration of your course. In fact Julie Monaghan, a loan manager from Future Finance, thinks this is essential so you don't apply for too much or too little. She advises, "Before you apply for a loan, you should make out a budget plan for the year, to figure out how much you will be spending and what-if anything-you will need to borrow. Even if you are not taking a student loan, this is still something every student should do, just to make it easier to stay on top of your finances". 

Don't Let Finance Stand In The Way Of Your Future

Future Finance is passionate about helping students fulfil their education potential and adamant that financing issues shouldn’t get in the way of this. CEO Brian Norton explains, “The growing gap between the costs of education and available financing sources is still leading students to make bad choices, or in some cases, could simply exclude them from furthering their education altogether.” Future Finance has developed some unique software, which is used to assess each applicant and work out his or her finance solution. By looking at what and where the applicant is studying – the focus of their loan proposal is based on affordability, to ensure that students don’t get into unmanageable debt and find themselves in a situation they can’t deal with.  “We are really focused on affordability,” says Brian Norton.

Simple Online Application

It’s really easy to apply for a loan – it can be done online as long as you make sure you have the correct supporting documentation to hand: ID, proof of your postgraduate course, summary of income and passport selfie! You may find you need a guarantor’s support – particularly as students often don’t have a great credit score – and by having a decent guarantor in place this could actually lower your APR. Once you have applied for a Future Finance loan you will hopefully receive a no-obligation loan quote, which won’t affect your credit score. So if you are concerned about financing your postgraduate education explore your options with Future Finance.

Postgrad.com is proud to have Future Finance as its finance partner. Other student funding options are available and we advise you to research all your options thoroughly before making such a commitment. Postgrad.com accepts no responsibility for your choice of loan and does not endorse or support Future Finance.
Future Finance is authorised and regulated by the Finance Conduct Authority (FCA). Interim Permission Reference Number 661722.

Bank Loans and Professional and Career Development Loans

Other funding options include bank loans and professional and career development loans. Bank loans for postgraduates are ‘proper adult loans’ so there are serious consequences if you do not keep up with repayments. You may think that a masters looks good on your CV, but it’s not worth having bankruptcy on your records for it! There is no guarantee that will be able to get bank loans for postgraduate study. First you must apply for one and attempt to demonstrate to a bank that there will be a return on investment, plus your credit rating needs to make you a trustworthy borrower for them to agree to lend you the cash. However, despite all the doom and gloom, bank loans are generally a safe and good option if you are responsible about lending. You need to be able to manage your money and make sure that you can always make repayments, and if you feel confident in that, then there is no reason why you shouldn’t get yourself a bank loans. 

If you are over 18 and are a UK resident or have been settled in the UK for at least three years and intend to work in the UK or EU after completing your degree then a Professional and Career Development Loan might be an option for you if you need a loan for postgraduate study. Career Development Loans (CDLs) are a new type of loan being sponsored by the government and organised by Barclays Bank, The Royal Bank of Scotland and The Co-Operative Bank. The aim is to give loans that will help people advance their careers. Postgraduate degrees fall into this category, and therefore CDLs can be a perfect way to fund your study.

Pros and Cons of Career Development Loans

There are certain conditions that come with CDLs, both good and bad. On the plus side you do not need to start paying back the loan until after you complete your course, which means you will not be laden with debt while studying as the government pays for your interest as you study. The interest is also fixed so you don’t have to worry about a massive jump in the cost of the loan – you always know where you stand with what you need to pay. However there is some rigidness to contend with. There are fixed percentages on what you can spend your loan on – for example, no more than 30% can be spent on your living costs. Also, the issuing of the career development loan is still subject to the bank’s agreement, so if you suffer from a poor credit rating you may not qualify for the loan.

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