The loans you can get depend on your course of study, your household income and your personal circumstances. If you are on a part-time course you may also be able to get a tuition and maintenance loan, but it depends on how intensive your course is. You can find out whether your course qualifies by checking the government website .
You can apply for government backed loans from one of the four student finance agencies in the UK, if you are studying one of the following courses for the first time:
Regardless of which of the four UK nations you intend to study in, your finance will be provided by the loan company in your home nation.
These loans will cover your tuition fees in full and you can also apply for a maintenance loan to help cover your living expenses, the size of which will vary depending on your household income.
How do student loans work?
The loan that covers your course fees will be paid directly to your university or college. The maintenance loan to pay for your rent and living expenses will be deposited in your bank account at the start of each term.
Once you graduate and start earning over a certain amount each year, your repayments will be deducted from your salary in a similar method to income tax. If you are self-employed you will need to calculate your repayments as part of your tax returns.
Loans for tuition from private companies
If you’re studying for a postgraduate qualification, for your second undergraduate degree or studying at a private college, you will need to fund the costs of the degree yourself.
If you don’t have the money saved up to pay for this you have a few borrowing options. Whatever you decide, you should make sure you can afford the monthly costs of any loans you take out from private companies.
This is especially important if you plan to study full time and will see a drop in your income while you study.
There are a number of options for private student loans in the UK and private student finance. It may be that you want to go back to college for a short term course, or you want to retrain, or you want to combine study with a full time job.
Find out what the options are for loans for tuition fees and private tuition fee loans in the UK if you don’t qualify for a loan from the Student Loans Company, or you need a top-up for your existing loan. Bear in mind that the interest rates will be higher for a personal loan and that you will need to start repaying the loan in instalments as soon as it begins. Private student loans have different terms and conditions to the one provided by the government via the SLC.
Personal loans for students
Personal loans are unsecured, which means they are more expensive than https://paydayloan4less.com/payday-loans-fl/ secured loans like mortgages. Your eligibility therefore depends on your credit score. To get the best rates or larger loans you will need to have a healthy credit report. It may be difficult to get a personal loan as student with no credit.
However, there are things you can do to improve your credit rating, such as making sure you are on the electoral register, not missing payments for credit, and using your credit card regularly but responsibility.
With a personal loan the monthly repayments are fixed and you will need to meet all of them to avoid default. The difference between a private personal loan and the government backed student loan is that you will still need to meet these repayments even if you’re unemployed.