Alternative Student Finance: Student Bank Account
Buyer: Department for Education
- Published
- 14 April 2026
- Estimated value
- £0
- Lots
- 1
- Notice number
- 033617-2026
- Reference
- ocds-h6vhtk-0681ad
- Official source
- Official source
CPV codes
- 66172000Financial transaction processing and clearing-house services
Description
The Department for Education (DfE) is establishing an alternative student finance (ASF) product, compatible with Islamic finance principles, to enable all students, regardless of their faith, to access Higher Education (HE). Whilst the current student finance system provides interest-bearing loans for students entering HE study, some students, particularly those who identify as Muslim, do not feel able to access these loans due to their faith. ASF will address this barrier by providing a faith-sensitive equivalent to the current loan product. Students accessing ASF will not suffer any detriment nor experience any advantage through choosing to access student support via this route. The ASF system will be based on a ‘Takaful’ model, to provide a form of group-based mutual support. Recipients will receive financial support for HE and, in return, will commit to making contributions back to the scheme in the future which will be used to help other students go to university. ASF recipients will make the same total contributions as those who opt for the conventional student loan product. Like the conventional student loan scheme, these contributions will be based on what people earn and …
Official publications
- FTS · 033617-2026 · 14 April 2026
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