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Student Loans
Obtaining a university degree definitely requires money. But not everybody can afford to pay for their tuition fees with full down payment. Student loans offer a possibility for you to have access to financing products which come with reasonable terms and conditions, and most importantly affordable repayment schedules.
  • You can have access to different loans offered by loan companies, specifically intended for future students
  • Bursaries
  • Or certain grants which are being supported by the government
You know best which the most suitable option in your case is, and you also know where to turn to in case you need financing for continuing your studies. The main advantage of student loans is that repayment is not required up until you are working and earning a certain annual amount. For example, after you graduate you may not find a suitable job for 6 months. But after this time, if you manage to get hired and earn at least £17,000/annum, than you can start the repayments for your loan.
A student loan basically should cover for three main important areas:
  • Being able to cover for your tuition fees
  • Main expenses occurring with everyday living (an eventual rent, food, electricity bills, etc.)
  • Accommodation
Especially for students who don’t live at home while studying, it is especially difficult to pay for their everyday living, and also be able to pay the required tuition fees. Student loans are considered especially flexible financing options, especially for students who are studying on a full time basis. If this is the case, you obviously cannot work, so the repayment schedule starts only after you have finished studies and are fully employed.

You must know that currently, if you are an individual studying in the UK (for those studying outside the UK, different rules apply), you need to apply for each course year separately. This means, that you cannot apply for a student loan financing in order to pay for your 3 years of college, but need to apply separately for each year of study.
  • Remember to make plans in advance, and start out early for a loan application.
  • You need to apply early enough (as soon as April 23) if your household income is not going to be taken into account for your loan
  • If your income is being taken into account when getting your paperwork ready for your student loan, than your deadline for application if 25th of June.