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