Not everyone can afford to pay their own way through school. If this is the case for you, the cost of tuition fees, along with other related expenses can amount to a huge expense. Luckily perspective students in UK need not despair. Help is at hand in the form of student loans UK provided by the government through the SLC (Student Loans Company), an organization belonging to the public sector.
The financial assistance is given in the form of loans or possibly as a grant if you are found eligible. Student loans UK are available for people who fall into the age group of 14 to 19, as well as adult learners and wishing to pursue post graduate courses. These loans will cover mostly the tuition fees but can also help with the cost of accommodation and maintenance during studies. The application process is very straightforward and simple and easily accessed via the SLC’s official website.
While obtaining student loans UK is relatively easy, it’s sometimes not as easy to manage your budget. Students have to be very careful in their spending habits as the costs can easily get out of control. It’s vital to outline a budget before starting school and stick to it throughout. This is easier said than done, as there are so many expenses incurred by a student living outside his or her home. Food, clothing and entertainment costs can add to the burden so it’s imperative to keep a detailed expense log and find ways to save on costs.
If at any time you are suddenly running short of money from what you get from your allotted student loans UK there are student credit cards available which can be of some help in an emergency. These cards should be the absolute last resort as they have a much higher rate of interest than loans.
Most undergraduate university students resident in the United Kingdom are eligible for student loans and as well as that, some students on teacher training courses may also apply for loans.
The Student Loans Company is split into three departments namely Student Finance England, Student Finance Wales & the Student Finance NI.
The Student Awards Agency for Scotland assesses applications in Scotland. Most undergraduate university students living in the UK are eligible for student loans. Teacher addition, some students also apply for additional loan.
After the second World War, most Local Education Authorities (Leah) paid tuition fees for students & also provided what is known as a maintenance grant, the idea being to help with living expenses and there was not a requirement for this to be repaid. The Education Act 1962 made it a legal requirement for all of Leah to give full time university students this grant.
What is Eligibility for a Student Loan?
Students must meet two qualifications requirements: Personal eligibility and training institution eligibility. Personal benefit primarily the student residence status. To achieve the course institution eligibility, the student must be studying to have an undergrad degree at a UK degree-awarding institution, or other certified higher education establishment. Additionally, students on individual teachers, youth and community worker courses are also entitled to student loans Company support.
What is Eligibility for a Tuition Loan?
All full-time students have entitlement to a tuition fee loan to pay for the full cost of tuition fees. For the academic year 2018/19, the universities are entitled to charge up to £9225, except in Scotland where students do not pay for tuition. In the 2018 2019 academic year, tuition will increase. The fee increases every year but with the help of student finance calculator you can calculate the overall expenses by adding the right fee for the university.
Then there are Maintenance loans
All qualified students are also eligible for an upkeep loan, which is designed to assist in paying for living expenses while at the university. All students are entitled to a lump sum, with those living at home are entitled to less and those that live on the University of London entitled to more.
Students from households with lower incomes may make an application for their loans to increase. The exact threshold for classification as low-income households varies depending on which country the British student living in, and lies between two bands, with very poor students to obtain the full extra money and less poor students receiving only a partial extra amount.
As well as being entitled of a higher loan, students from low income families are also eligible to a support grant, which need not be repaid. As with additional maintenance loan, differ the precise limit to be classified as a low income household, determined by which country the British students are living, and lies between two bands of very poor students who receive the full benefit and less-poor students only receive a partial subsidy.
How to apply for direct loans?
Obtaining student loans direct from the establishments that offer them is always the best option. There are many middlemen who will entice you by stating that getting a student loan is a very complex procedure and that you need their help. This isn’t really true as you can get student loans directly without any problems. On top of that you save on the fees these middlemen charge and avoid any dealings with possible unethical procedures.
Student loans direct from the institution that is providing it is quite easy to get and most of the application process is completed online. There are no complex formalities, you just need to support the financial information that you provide in the application with the proper documentation and evidence. The best part of selecting a direct loan is that you have all the information about the terms and conditions and there is not going to be any hidden costs or fees.
When you are searching online for student loans direct, you need to be sure that the website you are looking at is not a middleman and you can directly contact them by email and make sure. In the UK there’s an organization called the Student Loans Company which is actually a public body run by the government for disbursing loans and grants to, no middle man required to apply. All the guidelines for applying are given on their official, just fill in the application form and submit it with the supporting evidence.
If you prefer, there are many private financial institutions which provide student loans direct, and applications can be made in person or directly on their websites as well. Do a bit of research, read the terms and conditions, and know for sure what you are applying for before agreeing to anything. Look for the signs of a credible online provider.