Uk student loans...

Student loans in uk are very popular as many student s fulfill their expenses related to education through these loans only. In fact, student loans in uk are considered as the only feasible way of pursing higher studies for student comings from low and middle income families.student loans in uk have been designed in such a way that they cover the cost of living as well as education expenses.Thus, a student can get loan for accommodation, clothes, food and travel. It has been seen that about 25% of the amount provided as student loans in uk is evaluated on the basis of income of a person.
n past few years, government in uk has taken many steps for providing student loans in an easy manner and at affordable terms and conditions.student loans Scheme is one of them.This scheme had been made for helping student s in meeting their living costs while they are studying. Apart from this, there are many types of lending institutions that provide student loans in uk. Requirements for student loans differ from one lender to another and also depends upon the type of course for which student loan is required like part time course, full time course, distance course etc.Amount of student loan also differs on the basis of financial capacity, nationality and merit of student. Study level of student s also affects loan amount and other terms and conditions.
Various study levels in uk are student s planning to go for higher education, student s currently in higher education, disabled student s, student s with children, mature and post graduate student s, NHS Funded student s etc.It is important to understand here that student s studying in Scotland, Northern Ireland and EU are also eligible for getting student loans.There are many ways in which a student can get information regarding student loans in uk. For example, he can make his search online or he can contact the local student loan award authority.Initial part of application for student loans in uk is managed by this authority and student is also tested for his eligibility and means.
His qualifications for the student loan are also checked.While searching online, a student can easily make application for the student loans in uk online through a reliable lending institution. Like other loans, student loans in uk also attract interest and a student is required to pay principal as well as interest for repaying the amount borrowed. One aspect that needs to be understood regarding student loans in uk is that interest rate is based upon the rate of inflation, which is calculated daily. Similarly, a student can start making payments after the completion of course and after he starts earning 15000 pound sterling annually.student s of all ages are eligible to get the student loans in uk. However, if a person is aged between 50-54 years, it is essential that he confirms that he plans to work after the course is completed.
Getting student loans IN uk
student loans Company or SLC is the leading provider of student loans in uk. It is a public sector organization that had been established for providing financial services with respect to loans and grants to more than 1 million student s studying at different colleges and universities located across uk. student s in all the 4 education systems viz.England, Scotland, Northern Ireland and Wales are eligible to get the student loan. It is important to understand here that student loans Company administers the loans that are government funded. Similarly, government funded grants are also administered through United Kingdom. This organization is responsible for the student support delivery throughout uk and provides loans and grants in partnership with other authorities.
These are Local Authorities in Wales and England, Education and Library Boards in N. Ireland and student Awards Agency in Scotland.Primary role of SLC is to provide financial support to all the eligible student s that are pursuing higher education, paying to higher education institutions towards tuition fee and manage the direct collection of repayments made with respect to student loans in uk. Apart from above, specific tasks are performed by the student loans Company regarding Developed Administrations like payment of necessary education maintenance allowance. It also administers one student loan portfolio on behalf of private sector. SLC is also associated with payment of scholarships and bursaries to various higher education institutions in United Kingdom. A person can easily approach student Loan Company at 21 ST.Thomas Street, Bristol, BS1 6JS.
There are many types of financial help provided by the SLC.Amount of loan that can be obtained by a new full time student in uk depends upon the course chosen by him, place where he is living, and his individual circumstances. Similarly, repayment conditions also vary.Various types of student loans in uk that are provided by the student loans Company are Tuition Fee loans that cover the full cost towards tuition fees, Maintenance loans that cover the different types of costs of living, Grants provided for living costs, etc. Apart from this, scholarships and bursaries provided from colleges and universities are also seen as important source for getting financial requirements fulfilled.In most of cases, total loan amount provided to a student includes tuition fee and maintenance loan.
This amount is paid directly at the start of academic term. As said above also, each student qualifies for 75% of the maximum amount of student loans in uk irrespective of his income. Rest 25% is assessed on the basis of income of a person. Repayment of student loans in uk is carried out through tax system. This starts after a student has completed course and has started earning income. This system is called ICR or Income Contingent Repayment.
Apart from SLC, there are many other sources that can be contacted for getting student loans in uk. For example, a student can easily log on to web site of New Finance, student loans.co.uk. It provides all the valuable information and financial advice regarding student loans.
Similarly, 118 student Ltd is another source of student loans in uk. It was established in the year 2001 and provides information about various lenders approved by FSA that provide student loans. For example, a student can get loan from Alliance and Leicester from 7500 to 15000 pound sterling. These loans are provided as private and unsecured student loans in uk.