Imperial 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 fall outside of the provision available within Imperial. The scheme works similarly to the Season Ticket Loan and the i-Cycle scheme.

In essence, staff with at least seven months of their appointment remaining can apply for a loan to pay fees for a course of study through a recognised learning provider *. Repayments are usually spread over ten 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

Info

Eligibility
  • All staff members whose appointments have at least seven 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 Imperial (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 exceeds £5,000, a small tax liability will arise on the excess over £5,000
Applications
  • Application forms should be completed online and submitted directly to the POD, 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 directly 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.
Repayment
  • Loans are repayable by a monthly deduction from salary in 10 equal instalments (pro-rated if the remaining contract is shorter), usually beginning in the month after the loan was advanced.
  • Each study loan must be cleared in full before a further loan can be advanced. If you are likely to need more than one study loan (e.g. 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 Imperial's employment with part of the loan remaining unpaid, the balance will become repayable immediately. It will be recovered from the final wage/salary payment or, if this is insufficient, by direct payment.

Imperial can withdraw or amend the scheme by giving three months' notice.