OUSBA

If you are a self-funding student or have decided not to use a UK/EU tuition fee loan The Open University Student Budget Accounts Ltd (OUSBA) would like to make it as easy as we can for you to pay your fees, which is why we offer a flexible payment system.

OUSBA is a wholly owned subsidiary of The Open University and has been giving OU students financial access to OU modules and qualifications since 1998. When you charge your fees to OUSBA Ltd, the company pays The Open University (OU) on your behalf so that the OU can register you for your module or qualification. This is a secure, quick and easy way to fully pay your fees as each module is completed. Its a really convenient pay as you go option. Once registered with the OU you have two options, to:

• Pay by instalments - OUSBA calculates your OU fee which it pays on your behalf to OU. OUSBA then spreads the fee and interest payable over up to a year, enabling you to pay your fees monthly and walk away with a qualification and without any further debt.

  Representative example:

  Number of Monthly Repayments (Duration of Agreement):	12 Months
  Rate of Interest:	5.0% (fixed)*
  OU Fee (Total Amount of Credit):	£3,462.00 (cash price)
  APR	5.1% APR representative
  Total Amount Payable:	£3,555.84
  Amount of Interest:	£93.84
  Monthly Repayment:	£296.32

  
  * Interest is only applied once your module has started. This is an exclusive rate that is only available to OU students.

Or...

• Register now, pay later - OUSBA pays your full module fee direct to OU. You then repay OUSBA interest-free and in full just before your module starts. 0% APR representative. This option could give you the extra time you may need to secure the funding to repay OUSBA.

  You can write to OUSBA at PO Box 508, Walton Hall, Milton Keynes MK7 6HX.

An Open University Student Budget Accounts (OUSBA) agreement is a legally binding credit agreement between you and OUSBA Ltd. By signing this agreement you personally will remain liable for the repayments and are bound by its terms and condition. This applies even if you are trying to secure funds to pay your fees from a third party.

As a responsible lender every application undergoes a Credit and Affordability Check with a Credit Reference Agency to ensure you can meet your financial obligations.

For more information, please visit our Frequently Asked Questions (FAQ) pages where you can learn more about the instalment plans on offer. If you want to spread the cost of your fees whilst you study and pay monthly by Direct Debit then opening an Open University Student Budget Account is a great option for you.