Help from StepEx

If I already have a loan can I still apply for an FEA?

Yes you can. Any existing financial obligations you currently have will be included in our overall assessment but our primary consideration is what we forecast your future earnings potential to be post your qualification.

Will getting a quote impact my credit score?

No, your credit score will not be affected by receiving a quote for a loan, or for receiving an offer and declining it.

Can I repay my FEA early?

Your FEA may be repaid at any point by paying the total payment cap that will be stated in your contract.

Who can take out an FEA with StepEx?

To be eligible you must meet the requirements on our Apply Now page and any quote from us will be subject to our assessment of your circumstances.

I’m an international student, can I apply?

Stepex can assess applicants who have the legal right to reside in the UK and EU.

How much can I borrow?

You can borrow up to the total fees of the course that you are applying for.

Will the amount I am responsible to repay increase because of interest accruing before I can begin making payments?

One of the significant differences between an FEA and a traditional loan is that borrowers are not accruing interest on the total amount funded. The amount you are required to repay will only grow due to the growth rate of your earnings over the life of the contract but the income share percentage will not change over the duration of the FEA.

Can I apply before I have a confirmed offer from a University or Bootcamp?

Yes, but before any funding is confirmed we will need you to provide documentation from the course provider that you have been officially accepted on their course.

What happens if I don’t earn what you forecast?

You won’t be required to make any repayments whilst your annual income is less than the minimum income threshold specified in your Future Earnings Agreement - typically between £21,000 and £30,000.
However, because the term of a StepEx loan is linked to the number of repayments you make rather than a fixed period of time (unlike a typical unsecured personal loan which is likely to have a fixed term e.g. 5 years) the term of your loan may be longer as a result of any periods during which you do not make repayments.

What if I take time off to travel or start a family?

If you voluntarily leave employment and your earnings are less than the minimum income threshold defined in your FEA then your FEA will be paused and not be in payment status. Your FEA payment term will be extended by the amount of time that you take off.

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