Students often haven’t had the chance to develop their credit rating, or income history, from working full or part time jobs. Guarantors help addressing this obstacle to their student loans.

Being a student can be a difficult time financially. In many cases, students haven’t had the chance to develop their credit rating, or income history, from working full or part time jobs. This often means that certain forms of finance are not available to them, or that the interest rate is very expensive. To help address this issue, Future Finance will make a significant number of Future Finance student loans with a guarantor.

What is a Guarantor?

A Guarantor is someone who agrees to pay your loan if you are not able to make the repayments yourself. Like the student applicant, the guarantor is also subject to a credit and affordability check.

How will I know if I need a guarantor?

Some students applying for a loan with Future Finance will need a guarantor, as they will not have had the chance to build up an income and credit history. However, if you have at least two years of satisfactory income history, you will most likely not need to provide a guarantor.

If you don’t meet the criteria, a member of our team will let you know, but it would be beneficial to have a guarantor in mind before applying, especially if you do not think you will be approved without one, as this will help speed up the process, and get your loan paid into your account sooner.

Who can be my guarantor?

For students, the most common choice is a parent, or another member of their family, such as a sibling, aunt or uncle. This can also be a great way for parents who want to help their children pay for their university fees, but don’t have the funds to do it directly. But a guarantor can be anyone who is willing to be one, once they meet the criteria.

What criteria does my guarantor have to meet?

A guarantor for a Future Finance student loan must meet the following criteria:

  • 25 years of age or above
  • A UK citizen (or someone with indefinite leave to remain), and resident in the UK
  • Have a minimum of 48 months of satisfactory income history, (they will be subject to a credit check).

In cases where the student is not an EU citizen, we are a little bit stricter and would require specifically a UK resident guarantor, even if they would other be approved on their own merits.

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If you have any questions about the guarantor approval process you can visit our site to find out more, or write to us at or call us at 020 3743 8700.