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Isle of Man

Isle of Wight


Student Loans

We offer tailor-made finance solutions for students pursing higher education on or off island.

  • No hidden charges
  • Quick decisions
  • Bespoke & flexible
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We know that the cost of higher education is more than just the course fees.

In a free, no obligation consultation with one of our dedicated account managers, we can create a bespoke, flexible loan structure that is right for you to account for those other expenses.

Example of a student loan repayment

Part-Time Higher Education Course

A simple personal loan may be suitable if your course is part-time and you are able to work alongside your studies.

Course Fees:

£3,475 per annum

Term: 12 months

£332.92 per month

Term: 24 months

£177.72 per month

Term: 36 months

£125.98 per month

At the end of Year 1, any outstanding loan amount can be consolidated into Year 2 fees and a new term commences.

Example of student loan repayment

Full-Time Higher Education Course

An interest only loan may be more suitable if your course is full-time and you are unable to work alongside your studies. At the end of Year 1 the outstanding loan amount can be consolidated into Year 2 fees.

Course Fees (Year One):

£3,475 per annum

Term: 12 months

£65.85 per month
(Interest only payments)

Course Fees (Year Two):

£6,950 per annum

Term: 12 months

£107.83 per month
(Interest only payments)

Overpayments can be made at any time to reduce the loan principal. On graduation, we can refinance the course fees as a personal loan with continued preferential rates.

Examples of monthly repayments are:

Term: 36 months

£243.50 per month

Term: 48 months

£193.51 per month

Term: 60 months

£163.51 per month

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Frequently Asked Questions

What happens to my application?

Whether you have popped in to see us, given us a call or contacted us online, we will provide you with a free, no obligation quote for your student loan. Should you wish to proceed with your application, we may request some additional details. We will then undertake credit checks and endeavour to advise you within 24 hours if your application has been successful. If it’s approved, we will invite you to our office to sign the documents. The funds can then be transferred the same day* into your bank account (*Charge applied for same-day transfer).

How does the loan work?

Your student loan is totally flexible and made to suit your individual requirements. You can borrow funds for both your course fees and your living expenses. Each student loan must have a parent or guardian to stand as guarantor and as party to the agreement.

Can I increase the loan amount?

Cherry Godfrey understands that your requirements can change during the term of your study. Should you need to increase your borrowing to meet increased costs, we can simply create a new agreement to give you the money you need and consolidate the previous student loan.

How long can I take it over?

Typically, a student loan is offered for the term of the course you are studying. Each circumstance is different though. We are willing to be flexible and create a loan to suit your needs. Come and speak to us.

Is this similar to a government loan?

No. Your Cherry Godfrey student loan is totally separate to any loan you may take out with the government.

Can I choose a repayment date?

Yes, you can select the date that suits you best.

Can I change my repayment date?

Circumstances change...we get that! We are happy to amend the repayment date at your request for no extra charge.

How can I make repayments?

Your student loan will be tailored to you. Interest only payments can form part of your loan by arrangement. Come and speak to us. Payments are ordinarily collected by direct debit either from your bank account, or from your guarantor (parent/guardian). Should you wish to make repayments by a different method, we are happy to discuss and find the most suitable repayment method for you.

Can I repay my loan early?

You can settle your student loan agreement in full at any time. Cherry Godfrey do not charge any additional fees for early settlement. Depending on where you are in the term of your loan, you may even be entitled to receive a rebate of interest!

Can I make overpayments?

Of course you can! We can offer various options if you have some additional funds and wish to pay off a lump sum or make overpayments. Any overpayment is best done by arrangement. Come and talk to us.

Change in your circumstances?

We understand that unexpected events happen. If your circumstances change or you wish to review your repayment arrangements, just get in touch with us. We are always happy to help you where we can.

Cherry Godfrey Representative example: Assumed borrowing of £4,000 over 48 months at a fixed rate of 8.5% per annum with an arrangement fee of £200 would result in a representative rate of 19.43% APR, monthly repayments of £117.26 and a total amount payable of £5,628.32.

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