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:
How it works
Are you eligible?
Check the following requirements before you apply:
Ready to apply for a StepEx Future Earnings Agreement?
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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.
Less than 115% of the amount borrowed
Less than 130% of the amount borrowed
Greater than 160% of the amount borrowed
Find out how much of your future earnings you could be investing in yourself right now.
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
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.
No, your credit score will not be affected by receiving a quote for a loan, or for receiving an offer and declining it.
Your FEA may be repaid at any point by paying the total payment cap that will be stated in your contract.
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.