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A Comprehensive Guide for Student Loans in the UK

13 Jan 2017 5609 5 minutes
Student Loans

A Comprehensive Guide for Student Loans in the UK

If you are one amongst those who wish to pursue studies in the UK, then you might be aware that degree courses in the UK are quite costly. To fulfil their dreams, most of the scholars opt for the student loans. The experts providing online assignment help to students have listed out some details that you must be aware of if you are about to apply for the student loan in the UK.

Take a read through the points given below to know about them in detail.

Eligibility criteria that you need to qualify

If you wish to apply for the student’s loan in the UK, then there are certain criteria that you should be eligible for. Multiple factors can help you in getting a loan approved, take a look at a few of them:

  • You should have a valid identity proof so that you can prove your nationality and residential address.
  • The confirmation letter from university you are applying for in the UK.
  • The degree course you have chosen to study.
  • Whether you have completed any degree course in the UK earlier or not?
  • If you are applying for a part-time degree, then it should be of 25% of the correspondence course so that it can qualify for the student’s loan.
  • You must acquire the status ‘settled’ before you apply for the loan.
  • You can even apply for the loan if you are a refugee, an asylum seeker or the one having a humanitarian protection.
  • You also need to get a 4-Tier student visa and sound knowledge of English to qualify.

Now that you are aware of the fact that if you are eligible or not, take a read to get guided about the types of loans that you can take.

Short-term loans

These are the special type of loans which are offered by the universities in case of any emergency. Almost every university in the UK has this provision. But you should keep in mind that they do not lend an enormous amount in the loans. And, they confirm that your classes have already begun at the University. Also, you might need to present a proof describing that every other source of the payment has exhausted and you should be ready to give an answer to all that is asked by the university panel.

Long-term loans

These type of loans are offered by the banks of the country, and students can defer the payment till the completion of the degree course or till they get a job. To get a long-term goal, you need to qualify the criteria by that particular banking institution.

Private student loans

They are quite similar to the long-term loans, but the major difference between both of them is the involvement of the Government. In long-term loans, either they are provided by the private banking institutions or not, the government is all aware of the loans that are being lent to students, but in the private loans the lenders are ordinary citizens or the private loan lenders and Government has no clue about it.

Hope you are now well aware of the student loans in the UK, and it may prove out to be a life savour for you in the upcoming future.

Also Read: Tips for Fast Learning

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