Today professional studies are exorbitantly priced and many students can not afford it. For such students, government takes the initiative and hence plans student loan. These loans are provided at a very low interest rate. Apart from the government there are numbers of banking companies providing the student loans. Student loans help those students who are looking for higher studies either in own country or abroad.
Loans for students: qualifications
Students belonging from families with an income under ₤22,010 are not required to pay any fee. Those ranging from ₤22,010 and ₤32,744 receive some help. Only those whose family income is more than ₤32,000 have to pay full fees.
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Extra help is for students who belong to family of income less than ₤15,580. A grant of ₤1,000 for each year is paid by the government to help them. More helps are given to those who are disabled or dependents.
All students are eligible to apply for student loan up to a maximum of ₤5,175 yearly till their study period. After getting the loan the amount will be deposited in students account by Students Loans Company.
Dealing with loans for students:
Student loans deal with low interest as compared to other loans. But students can get locked with lender. An average of ₤13,510 debt is generally allotted graduate students. Once they come in work the repayment begins. The good factor is that interest rate caps at 1% above base rates and the loan grow at rate of inflation.
Presently there are a number of companies which offers student loans with best interest rate. The interest rate oscillates between 5.6% to 6.3%.
The interest rate varies on the basis of secured or unsecured loans. For the secured loans interest rate is usually low and it is taken by a parent and family house is used as security. While in unsecured loans interest rate is slightly high.
Loan for students: repayments
Student loans are paid in three installments in your bank per year. First is paid by check and latter are directly paid account.
Student loans are paid after the education is over in the university. The repayment starts in April after you graduate but repaying begins when you start earning more than £ 15,000 per year. The repayment amount is cut out from your salary. You can also pay more by sending money to the concerned authority.
Student loans for fees and maintenance
A full time student, from September 2006 won't have to pay any tuition fees during studies rather you can take student loan for fees. An amount of £3,000 a year can be borrowed by new students in 2006/2007 and does not depends upon financial circumstances.
Student loan for maintenance is given considering family income, place of study and fact whether you live with your family or not.
Advantages of student loan
The most important advantage of student loans is that you don't have to worry about the financial needs for your study. By taking student loan you don't have to do jobs along with your studies and this saves your precious time and helps you in bettering your grade.
It is now clear that loans for students help the economically week students to complete their studies. Since these loans costs low interest rats than any other loans so its easy to repay. Most importantly there is no repayment during studies and it starts only you come to job. Also the method of repayment is very easy.
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