ot everyone is aware of the Student Loans Company (the
what is a student loan? government organisation that
Student loans, as the name administers your student loan)
implies, are available to who will process your
students who require help with application. This usually takes a
living costs while studying. month, so make sure you get the
paperwork done well in advance of
Student loans are part of the the start of term.
government's financial support
package for degree only students Although it is only a loan,
embarking on a course of higher you'll never be able to borrow
education. For most students, a money more cheaply, so it's the
student loan is their largest most cost-effective way of
single source of income. So borrowing money while you're
unless you have very generous studying to pay for all those
parents, you will need to apply. bills. The interest charged is
only equal to the rate of
inflation.
Regardless of where you are
studying, if you are from England Unlike support towards tuition
and Wales you will apply to your fees, you have to repay any
Local Education Authority using loans. The Student Loan is repaid
an HE1 form. They will then after you graduate (or after you
calculate how much you're leave the course, should you
entitled to receiving - as well leave before completing).
as working out whether you need Repayments are calculated on a
to pay tuition fees. sliding scale and are repaid
monthly directly to the Student
They will then send you back a Loan Company.
form that you need to forward to
Should your salary fall below Loans have the unfortunate
"£10,000 payments are suspended tendency to mount up your debt.
until you earn above this figure If you take the full "£4,000 a
again whereupon you will year for three years that means
recommence payments. Interest on you'll be "£12,000 in debt by the
the Student Loan is calculated at end of your course - and if
a preferential rate which is far you're on a longer degree
lower than any commercial bank programme, that total could be
loan rates. even higher.
About the Author:
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
Source: www.isnare.com
