tudent loans are sometimes be one month before the end of
not enough to sustain you that year. You can apply for the
during university, loan through the student services
especially during the tougher department at your university.
times. Even if you have a
part-time job as well, there are Who is eligible?
times when some students need
more than they have at the Eligibility depends on how bad
moment. If you are one of these your financial situation is.
students, then you should look at Usually hardship loans are only
applying for a student hardship given to those who have exhausted
loan. If you want to know more, other means of finance, and
here are some tips about how to without the loan they will be
get a student hardship loan. unable to carry on. You will need
to show that there is no other
What is a hardship loan? option open to you, and that you
are really in need of the loan.
A student hardship loan is a loan Your university or college make
to help students who are in real the decision on whether or not
financial difficulty due to you can have the loan. If you are
unforeseen circumstances. These successful you can use the loan
loans were introduced in 1998, for books, travel or general
and you are eligible if you have living costs.
applied for the maximum student
loan available to you. You can Repayment terms
apply to borrow between £100 and
£500, which of course you need to Repayment of a hardship loan is
pay back. You can only make one the same as the way you repay
application for a hardship loan your student loan. The Student
in an academic year, and it must Loans Company will pay the sum
directly into your bank account, students.
and you will repay the amount
along with your student loan. Alternatives
Hardship funds If you are refused a hardship
loan or fund, then you might want
There is an alternative to to look at banking alternatives
hardship loans, in the form of a to get yourself out of trouble.
hardship fund. These hardship If you can work more without
funds are also for students who letting your studies suffer, then
are in real financial trouble, this might be one answer. You
but they are usually given as could also get a credit card to
grants and therefore do not need help you in the short-term, or
to be paid back. Eligibility ask your bank for an overdraft
depends on both your financial extension. If none of these
circumstances as well as if your things work, then you might have
course qualifies or not for a to borrow off friends or family
hardship fund. If it does, you and save as much as you can until
can apply for between £500 and the situation gets better.
£3500, which can be given as a However, if you are in genuine
lump sum or as instalments over need of money, you are likely to
time. Hardship funds are usually be accepted for a hardship loan
harder to get hold of, and are or fund by your university.
reserved only for the most needy
About the Author:
Peter Kenny is a writer for creditcards-gb.co.uk Please visit us at Student Loans and Secured Loans
Read more articles by:
Peter Kenny
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