Future Earnings Agreements

Funding linked to your future earnings

This option may help if you have been offered a place but would prefer not to pay the full eligible course fee during your studies.

ÌìÃÀ´«Ã½¹Ù·½ÍøÕ¾ helps make Future Earnings Agreements (FEA) available to eligible students by accepting that by a student deferring the payment through an FEA, it may receive less than the full amount of fees if a student’s earnings are lower than expected.

This reflects the University’s confidence in its graduate outcomes and its commitment to widening access by giving eligible students another way to manage the course-fee costs.

The credit agreement itself is provided and administered by StepEx, not by the University.

What is a Future Earnings Agreement?

A Future Earnings Agreement is a regulated credit product provided by StepEx.

It allows eligible students to defer part of their course fees. In return, you agree to make repayments based on a fixed percentage of your future earnings for a defined period, subject to the terms of your agreement.

Unlike a standard loan with fixed monthly repayments, repayments under a Future Earnings Agreement are linked to your earnings.

So whether you earn during your studies or start employment after graduating, if you can demonstrate that your earnings are below the repayment threshold, or that you are unemployed, no repayment will be due for that period. StepEx explains the income-reporting requirements in its FAQs and agreement terms.

If your earnings later rise above the threshold, repayments may become due again.

The total amount you repay may be more or less than the amount deferred, but it will not exceed the maximum repayment cap set out in your agreement.

How much can be deferred?

The amount available to defer varies by course. For eligible students entering after January 2026, up to £12,950 of course fees for some courses may be deferred through a Future Earnings Agreement.

You will still need to pay any course deposit directly to the University. You may also need to pay StepEx fees. Current course eligibility, deferred-fee amounts and StepEx fee details are available on the .

Who can apply?

At present, Future Earnings Agreements are available to eligible UK students on all undergraduate courses.

Eligibility depends on both the course criteria set by the University which is currently all undergraduate courses together with StepEx’s own assessment. To check eligibility please click through to the for more info.

Applying for a Future Earnings Agreement is separate from applying for your course. You must still apply for your course through or directly through the relevant course page on the University of ÌìÃÀ´«Ã½¹Ù·½ÍøÕ¾ website.

The application for a Future Earnings Agreement does not change your eligibility to receive a Student Loan through Student Finance England, and is a completely separate application process, instead it may be a way of bridging the gap between your tuition loan entitlement through Student Finance England and the University’s fees.

Who provides the agreement?

Future Earnings Agreements are provided and administered by StepEx Lender Ltd, which is authorised and regulated by the .

StepEx is responsible for assessing applications, issuing agreements, explaining the product terms and administering repayments.

ÌìÃÀ´«Ã½¹Ù·½ÍøÕ¾ does not provide financial advice and cannot tell you whether a Future Earnings Agreement is suitable for you.

Before you apply

Before applying, make sure you understand:

  • how much of your course fee may be deferred;
  • any fees you may need to pay;
  • the percentage of earnings used to calculate repayments;
  • when repayments start;
  • the income threshold below which no repayment is due;
  • the income-reporting requirements you must follow;
  • the maximum amount you could repay;
  • what happens if your earnings change;
  • how the agreement is managed digitally;
  • your cancellation, withdrawal and complaint rights.

You should read the full StepEx information, examples and agreement terms before deciding whether to apply.

How to apply

To find out more and apply, visit the .