Are OU students able to get Student Loans?

I'm doing a level 1 module at the moment and i didn't even contemplate a loan for various reasons, one of them being I didn't know OU modules/degrees were legible for student loans.

I will be legible for transitional fees but it will still be very expensive so a loan woul dbe very important.

So do student loans work in the same way as they do for redbrick unis?

I'm doing a level 1 module at the moment and i didn't even contemplate a loan for various reasons, one of them being I didn't know OU modules/degrees were legible for student loans.

I will be legible for transitional fees but it will still be very expensive so a loan woul dbe very important.

So do student loans work in the same way as they do for redbrick unis?

If I qualify for transitional funding but would prefer to 'opt out' and pay the higher fee by student loan, do I need to take a year out in order to qualify?

A student may be able to make themselves eligible for a student loan by de-linking the credit they currently have linked to a qualification. This is not a risk-free decision for a student because it may turn out that a) not all of the credit that they have accumulated will count to the new framework qualification they want and b) if they have previously been awarded credit transfer into their existing qualification, it may no longer be eligible for transfer in the new qualification framework. We would urge students who are considering this option to seek academic advice through their regional centre.

Oh I see, well I know I am under the transitional arrangements thing so I would not be able to get a student loan.

All these modules are going to be ridiculously expensive.....

Thank you for your help, as you said, I'll contact the OU as well

The quote in my post says you actually may be able to switch to the new loan system...it advises to speak to your regional centre.

Make sure you're looking at the transitional fees by the way - the new fees are £5000 per 120 points (e.g. £1250 for a 30 point module).

Law fees are higher but if you qualify for financial assistance I believe there might be extra available for those modules. You didn't actually say if you were assessed for financial assistance last year at all, or if you think you will be eligible? If you live with your parents, keep in mind that they don't count their income when they assess you, only your own.

I just did some checking and apparently you become liable for paying the 9% "graduate tax" once you graduate or have studied for four years, whichever comes sooner. If your earning 41K whilst studying you will be hit for 150 pcm if I understood the document correctly.

So it is unclear what the benefit of 5K per annum is over 9K per annum given the 9% applies for 30 years, other than to actually pay it off is a smaller lump sum. If you cannot raise 15K or so to pay it off then repayments for someone from a brick Uni and the OU, on the same salary are the same and last for the same period of time.

I am surprised that the 9% figure is not 5/9 * 9 %.

Certainly sounds expensive if you are already earning a decent salary, unless the simple fact that you graduate instigates an immediate promotion and significant salary increase.

Have I misunderstood this?