Durham to establish a credit union for low cost postgraduate study loans
(10 December 2013)
Durham University is to conduct a feasibility study into the establishment of a credit union, which would help to attract the best and the brightest students to further study.
The innovative funding model would be unique to the UK Higher Education sector; representing a sustainable solution to postgraduate study for those who may not ordinarily be able to afford the course fees.
HEFCE is providing funding of £1.2M for the project; £200,000 of this will be used to undertake a feasibility study and subject to regulatory approval, the rest will be used to pump-prime the credit union to begin delivering postgraduate student loans.
The credit union will be an innovative funding model supported by staff, students and alumni of the University and will become self-financing over time.
The project forms part of a £25m national programme announced today, funded by the HEFCE Postgraduate Support Scheme, to test models for supported progression into taught postgraduate courses in England.