UK student loans
What is a student loan?
A student loan is a sum of money given by the government or a bank to cover the cost of tuition fees and some living costs. University student loans normally cover the duration of your course.
What are the different types of UK student loans available?
There are two type of student loan available to students in the UK:
Government funded loans provided by the Student Loans Company
All full-time undergraduate UK students are entitled to a loan provided by the government to fund study, which covers tuition fees, maintenance and living costs and any extra income you might need.
Full-time students receive tuition fee loans up to £9,000 a year, plus a living cost loan of up to £7,675 depending on your income and were you are living. Repayments do not begin until you start earning £25,000 a year.
Student bank loans at postgraduate level operate the same way as a normal bank loan, with interest and repayments set at a particular level. Check with banks in your country to find out more about repayment levels.
Am I entitled to a student loan?
Any student from the UK is entitled to a government-funded student loan provided the undergraduate course is their first degree. Part-time students and EU students are entitled to a student loan at a reduced rate, but non-EU students cannot apply for a government-funded student loan in the UK.
Whether you are eligible for a student bank loan depends entirely on the criteria of the individual bank. As with all loans, make sure you are able comfortable with and able to meet the repayment terms.
How do I apply for a student loan?
UK and EU students can apply for student loans online through Student Finance England up to the 31st May 2013 for courses starting in the 2013/14 academic year. The student loan application process takes up to six weeks to process and you will need your passport details, but not a confirmed place at a university.
A student bank loan application will require you to provide more information. This will depend on the bank and country you are getting the loan from. However, expect to be asked about the following:
Detailed breakdown of living costs
Desired repayment length