Education Loans for International Students in the UK

Handling study costs in the UK can be a rather difficult job for many students. The average costs in this regard can be anywhere around £1,000 per month. When it comes to this spending, you may have to spend the money on rent and other accommodation costs like additional bills, food and Wi-Fi bills.

On the other hand, there are multiple offers for students in regard to different services and products they get during their residence in the country.

These costs also depend on different factors like the city you are staying at and the courses you have taken for your education. In these conditions, the student loans offered by different organisations can be beneficial to help you get the best out of your efforts.

Eligibility Criteria Education Loans for International Students in the UK

The eligibility of a loan for an international student also depends on the citizenship of the student. European students can get a tuition fee loan which can cover your tuition fee during your study in the UK.

If you want to get a loan in the UK as an international student you should not be a UK citizen or a permanent resident of the country. Also, you should not be a student coming from a Commonwealth country. Another thing you need to keep in mind is that it is unlikely for a non-European student to get a student loan.

Here are some criteria points you need to keep in mind when seeking a student loan in the UK:

• The student should be studying at a recognised university or college.
• At the same time, the course they are enrolled in should be a recognised one.
• The course should be the first funded course of the student.
• On the other hand, there is no upper limit for students looking to acquire tuition fee loans. Still, there can be specific conditions for older students if they are looking to get a maintenance loan.

Postgraduate and Undergraduate Eligible Courses

There is a list of eligible courses that can avail such opportunities also varying on factors like the level of their course:

Undergraduate students can get these for:

• First degree
• Foundation degree
• Certificate of higher education
• Diploma of higher education
• Higher national certificate
• Higher national diploma

Apart from these, there are other courses that you can get loans for. On the other hand, we have postgraduate courses with which you can be eligible for a loan with the following criteria:

• The regulations depend on the nation of the student.
• At the same time, the country of residence matters not the location of the study.

Eligibility criteria for part-time undergraduate students

Here are some factors that can determine if you will get the loan for your part-time undergraduate or not:

• You can have a minimum undergraduate course intensity of 25%.
• The support is available for tuition fees and course costs as well.

The role of Previous study and Qualifications in eligibility

If you are a student who has joined an equal course level to the course or a higher one may face issues with your eligibility. At the same time, you need to understand the guidelines provided by the relevant bodies.

Why choose an educational study loan for the UK?

When it comes to the pros of a student loan in the UK, there are multiple things that you should keep in mind. Here are some of the pros you get:

• These loans are flexible which means that you can repay them after reaching a certain income threshold. At the same time, the amount you are paying back is based on the income you are getting.
• At the same time, these loans are quite subsidised which allows you to avoid any inflation which can increase the interest. Also, the government pays the interest during your study years on this loan.
• These loans can be rolled over to 30 or 5 years if your income does not reach a certain level. At the same time, you do not have to worry about any legal action during this time.
• One of the biggest benefits is that these loans are easily available which makes them quite impressive.

How to apply for student loans?

• You can start by finding the best option for your degree.
• Then, you need to get the documents that you require for your application.
• At the same time, you need to complete the application form for your loan. You can do this on the provider’s website which you can do through mail as well.
• Next, you should submit the documents that you want to get.
• Then, you need to wait for approval.
• Once you have got the approval you will get paid out.

What documents do you require?

Here are some documents that you need to have for your loans:

• You should have a proof of identity
• At the same time, you should have a proof of residency
• You should also have a course acceptance letter
• Also, you should have financial statements

Types of Educational Loans

As a UK-based student, knowing about types of student loans can be very beneficial. So, here are the types you should know about when it comes to government-backed loans:

1. Tuition fee loans: This type is offered to the students to help them cover the university fees and the amount would depend on the fee structure of the institution of the student.
2. Maintenance loans: This type of loan is beneficial if you want it to cover your living costs. The students can take these loans to cover their expenses like accommodation, books and others.
3. Postgraduate loans: These loans are given to students looking to be a part of a master’s degree.
4. Disabled students’ allowance: This type of loan is another one that helps students to continue their studies without having to worry about finances.
5. Private student loans: These loans may be considered one of the best when it comes to offering living costs, tuition fees and others.
6. Sharia-compliant loans: These loans are another type that follow Islamic principles. The basic principle of this one is that there is no interest on these loans.

The best repayment options for your student loans:

When it comes to the repayment of student loans the best way is to do it with your own payment. When it comes to the plans offered by the government, here are some options that you can have:

• Pay as you earn
• Income-based repayment
• Saving on a valuable education
• Income contingent repayment

Income-based repayment:

When it comes to income-based repayment, you may have to pay anywhere between 10% to 20% of discretionary income. On the other hand, if you are unemployed you may not have to pay. In this kind of repayment, you may have to pay it in 20 to 25 years. If you are looking to enrol on this kind of repayment plan, you can do it through a federal student loan servicer.

Pay as you earn repayment option:

This one is applied when you are an employee and also pay tax alongside national insurance. In such a condition your employer would calculate and subtract the student loan repayments which will be due on each pay period. When you are repaying with this option your employer will play a role by telling HMRC about how much has been repaid by you.