Study Loan Scheme details
College staff can benefit from an interest free loan to help with the costs of part time study while employed by Imperial. The aim is to help staff engage in study that will further their career aspirations yet falls outside of the provision available within the College. The scheme works in a similar way to the Season Ticket Loan and the i-Cycle scheme.
In essence, staff with at least another 7 months of their appointment to run can apply for a loan to enable them to pay fees for a course of study through a recognised learning provider * . Repayments are usually spread over 10 months (fewer if their appointment is shorter) and repaid via their monthly salary.
* Listed on the UKRLP (UK Register of Learning Providers) or having an accessible website
- All members of staff whose appointments have at least 7 months to run are eligible to apply
- The course of study will need to be with a recognised institution
- The amount available annually is between £250 and £2000. Having another outstanding loan with the College (e.g. a season ticket loan or bicycle loan) does not preclude you from obtaining a study loan, although if the total amount outstanding of all loans exceed £5,000 a small tax liability will arise on the excess over £5,000
- Application forms should be completed on-line and submitted directly to the LDC who will confirm the intended course of study is with a recognised provider. They will then send the application to the Payroll Office
- The Payroll Office will send an email confirmation to the applicant
- Applications for a loan can be made at any time in the year and, if approved, the loan will usually be advanced in the month following approval.
- The loan will be advanced as a non-taxable addition to your normal monthly salary (not as a cheque to the learning provider). It is then up to you to pay fees direct to the learning provider.
- Please retain your credit card slip/receipt as proof of payment. A random sample of loan transactions will be audited to ensure compliance with the scheme. If you are included within this control group you will be contacted within three months of the commencement of the loan and asked to provide evidence of your payment of fees. There is no normal requirement to submit receipts to the payroll office.
- Loans are repayable by monthly deduction from salary, in 10 equal instalments (pro-rated if the remaining contract is shorter), normally beginning in the month following the month in which the loan was advanced.
- Each study loan needs to be cleared in full before a further loan can be advanced. If you are likely to need more than one study loan (eg for different courses or modules) within the same year it is better to group them as a single application, subject to the overall limit of £2,000
- The balance of the loan can be paid off at any time by arrangement with the Payroll Manager
- If you leave the College’s employment with part of the loan remaining unpaid, the balance of the loan will become repayable immediately. It will be recovered from the final wage/salary payment, or if this is insufficient, by direct payment
The scheme can be withdrawn or amended at any time by the College giving three months notice.