Student

Finance

A new way to fund your future

A StepEx Future Earnings Agreement is student finance based on your financial future – not your income history. We help you cover your course fees, and you repay them as a percentage of your future earnings over a fixed time period. The more you earn, the more you repay.

Good to know:

Why StepEx?

Regulated by the Financial Conduct Authority (FCA)

We’re fully regulated and compliant with the FCA to ensure our customers are treated fairly and have full transparency of relevant information.

Our Future Earnings Agreement is a first-of-its-kind product

Similar products, such as Income Share Agreements, exist in other parts of the world – but they’re unregulated and don’t offer consumer protection.

Partnered by top qualification providers in the UK

Our trusted partners are top qualification providers seeking to make their best courses affordable to the less wealthy majority.

How it works

Apply online

Receive funding

Start studying

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Are you eligible?

Check the following requirements before you apply:

Ready to apply for a StepEx Future Earnings Agreement?

Student success stories

Popular course options

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Representative Example

2022

Jane's Income

£60,000

Repayments @ 7.4% share of income

£4,440

2023

Jane's Income

£65,000

Repayments @ 7.4% share of income

£4,810

2024

Jane's Income

£70,000

Repayments @ 7.4% share of income

£5,180

2025

Jane's Income

£75,000

Repayments @ 7.4% share of income

£5,550

2026

Jane's Income

£80,000

Repayments @ 7.4% share of income

£5,920

Probability of Earnings

A Future Earnings Agreement (FEA) is based on what you earn, so the amount you repay is not fixed. It does not have a fixed APR or interest rate like traditional debt products.

So if you earn more than expected, the amount you repay will be higher. If you earn less than expected, the amount you repay will be lowered.

Based on historic earnings data, the  provides an indication of how much you are likely to repay in total for a typical course.

For example, if you borrowed £10,000 and repaid £12,000 over a 5-year period, you would have repaid 120% of the amount you borrowed.

Proportion of amount borrowed repaid

Less than 115% of the amount borrowed

Probability

14.9%

Proportion of amount borrowed repaid

Less than 130% of the amount borrowed

Probability

51.0%

Proportion of amount borrowed repaid

Greater than 160% of the amount borrowed

Probability

10.6%

FEA Calculator

Find out how much of your future earnings you could be investing in yourself right now.

£ 13,400

The maximum amount repaid is between 1.5x and 3x the amount borrowed depending on the course provider- there is a very low probability that a borrower will ever repay the maximum amount given that they would need to earn substantially more than the projected income. If annual income never exceeds the minimum repayment amount, typically £25,000, then you will make no repayments until you earn over a defined minimum threshold. To ensure this product is affordable there are restrictions on how much of your future earning you can commit, typically this limit is 15%. This calculation is based on an approximate equivalent 9% APR. The expected cost of StepEx finance can range from 0% APR to 9% APR depending on the course. If you earn more than expected you will repay more and if you are earn less than expected you will repay less.

People often ask

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.

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.

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If you think you’re eligible, apply now or find out more.

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