Students: Loans
(asked on 1st February 2016) - View Source
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Innovation and Skills, if the Government will postpone the replacement of student maintenance grants with maintenance loans until a sharia-compliant finance product is available for such loans.
This question was answered on 8th February 2016
Maintenance grants will be replaced by increased maintenance loans for eligible students starting full-time courses in the 2016/17 academic year. The Government supports the introduction of a Sharia-compliant ‘Takaful’ alternative finance product. Subject to Parliament, the Government hopes to introduce the system through new legislation.