Student Financial Support

Sharia Compliant Finance

Non-interest bearing and Sharia Compliant Finance

You may be deterred from funding your study and living costs using the UK government’s student loans because of the interest added to the repayment of these loans.

Student Loans Company interest rates

Before 2012 the interest on government loans was set at the rate of inflation but since 2012 student loans accrue interest at the rate of inflation plus 3 percent whilst you are at university and then after you leave university between the rate of inflation only and inflation plus 3 percent depending on your earnings.

Alternative Sharia-compliant funding system

In September 2014 the UK government undertook a consultation to explore the need for an alternative finance product based on Takaful principles and how this alternative finance product could be delivered by the Student Loans Company. Further support for the development and implementation of an alternative student finance product was reiterated in the 2016 Success as a Knowledge Economy report (page 59) but to date there have been no updates from the government about this and it is not clear if or when they will introduce an alternative student finance system.

Contact Us

If you have any finance related queries you can find out more from our webpages or you can email us at: student.fin-supp@ncl.ac.uk

More information about faith and spirituality support at the University can be found on the Chaplaincy webpages.