There are numerous options for financing your college education. The anticipated average cost of attending university, which is currently more than £20,000 per year when living expenses are added to tuition fees, may need you to use several of them, according to NUS statistics.
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Why Student Loans Are Different From Personal Loans
- Lending to Students
- The basic components of a student loan
- Your loan might pay for both living costs and tuition.
- As soon as money is deposited into your account, interest starts to accrue.
- Every student pays the same interest rate, which is unaffected by their credit score.
- Your loan repayments and other loan details are not disclosed to credit reference bureaus.
- The way that this loan does not negatively affect your credit rating
- Only until your income hits £26,575 (in 2020–21) do repayments start.
- Only 9% of your earnings beyond £26,575 (in 2020–21) will be repaid to you.
- After 30 years from graduation, any outstanding debt is cancelled, so forget about it.
Individual Loans
You can take out a personal loan to borrow money for a certain amount of time and agree to make monthly payments to pay off the debt by the end of the predetermined time. In the UK, credit reference organisations keep track of your payment history. If you fail to make a payment, it is noted and will have a negative effect on your ability to get credit in the future.
In order to save money on interest payments, it is usually better to pay off debt as quickly as feasible. Therefore, you can make additional payments or pay off the debt completely if your loan terms let it and you have the money to do so.
Government Loans for Education Costs
A full-time UK student can normally qualify for a loan of up to £9,000 to cover tuition fees. In the upcoming academic year (2017–18), when several universities are anticipated to hike their prices, this will increase to £9,250. The student’s university will receive a direct check in the amount of the tuition loan.
Repayments start when your annual income reaches £21,000, and you are required to pay 9% of each sum earned in excess of this amount. Usually, payments are deducted from your paycheck and sent to the government directly by your employer. Interest builds up while you’re studying at the rate of inflation + 3%. Starting in April after you graduate, interest is calculated using a sliding scale that ranges from “RPI only” to “RPI plus 3%.”
Government Loans for Living Expenses – Loans for Home Maintenance
Students can also apply for a maintenance loan from the government to aid with living costs. The greatest money is available to full-time students who live away from home in London, where they can get up to £10,702 this academic year (2016–17) and £11,002 the next year (2017-18). While a full-time university student living at home can borrow up to £6,904 right now, that amount will increase to £7,097 for the 2017–18 academic year, a full-time student living away from home but outside of London can borrow up to £8,200 this year and £8,430 the next year.
Additional Support for Students from Low-Income Families or Those Who Are Themselves Students
You could be eligible to apply for income support or get aid from university and college hardship funds, depending on your financial position.
You might be qualified for a childcare grant, a parents’ learning allowance, an adult dependants’ grant, or a child tax credit if you have kids or adults who depend on you.
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Grants, Bursaries, and Other Sources of Financial Aid for Students
There are extra funding sources available for particular courses or unique situations. Students pursuing careers in medicine, social work, and education receive financing in one of the most significant categories.
You can currently apply for an NHS bursary if you are pursuing a course in medicine. You’re not obligated to pay these back. However, after this academic year, the NHS bursaries will gradually disappear and be replaced with a loan programme starting in 2017–18.
There are numerous university-specific scholarship programmes. To find out if you qualify, check with your university. Again, you are typically not expected to repay a bursary.
You might also be qualified for funding from a charity trust, depending on the course. To check your eligibility, enter your information on the Turn2us grant search website.
Loan Calculator for Students
To assist you in determining how much you may be able to borrow throughout the length of your academic career, the government has developed a useful student finance calculator.
You can get an idea of what you can apply for and the potential loan restrictions by entering only a few pieces of information.
Loans for Foreign Students Attending British Universities
EU students who travel to the UK to further their education are typically qualified for the same government tuition loan as UK students, which is currently worth up to £9,000 and will increase to £9,250 the following year. Typically, international students from non-EU nations are not eligible for these loans.
International students can be able to get a maintenance loan, however, it is less typical. You must have spent several years living in the UK before starting your education in order to be eligible. The student finance calculator can be used to determine your eligibility.
Postgraduates
You may be qualified for a postgraduate loan of up to £10,000, which can be used for tuition or living expenses if you want to continue your education after graduating. There are a few additional possible postgraduate possibilities. The Research Councils will provide funding for some studentships, or postgraduate posts. In addition, you might be qualified for ITT financing, a social work scholarship, or an NHS scholarship (soon to become an NHS loan). To determine whether there are any other postgraduate financing options, you might also check the Educational Grants Directory.
Private Loans – Future Finance
Unfortunately, this typically falls short of covering the typical annual costs for a student. The average yearly living expense for a student in London is £13,521, with rent accounting for the lion’s share of that amount at £6,340, according to a recent NUS poll. Students needed, on average, £12,160 outside of London. Since that was for the academic year 2013–14, it is realistic to infer that living costs have increased ever since. The average funding gap was estimated at £7,600 at the time since loan ceilings were lower.
Here is where we come in. When none of the aforementioned options can pay your bills and you don’t have access to your parent’s bank to make up the difference or save you, we think we are your best choice. We offer loans that are suited to a student’s lifecycle and start at £1,000. How? We include flexible elements like reduced repayments during education and three-month repayment breaks at predefined times, including right after graduation. Repayments may take up to five years.
