The United Kingdom is a country that is leading in education facilities and this creates many opportunities but world-class education is expensive.
The University courses quite easily exceed £20,000 (US$24,830), and to study in this country is known because it is expensive and that is not even taking into your costs of living.
You will know that students in the United Kingdom need some financial help to complete their education. Working and studying can be optional but you will need student loans.
So are you thinking about how to apply for this student loan in the UK, then keep following me!
READ MORE: How Much Student Loan Can I Get In Wales
Can International Students Get Loans In the UK?
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Yes! You can get the loan as you are a citizen of that country. And it can change once the UK leaves the EU.
EU Citizens/ Students Loans In The UK
Are you a student from the European Union country that include France, Germany, Spain or Sweden? your cost for education will be as a United Kingdom student. This means you will not pay more than £9,250 yearly for your university degree.
Also, you will be eligible for a government student loan. It will cover your tuition fees, and your living costs if you are studying an undergraduate course.
The UK student loan for international students will not be paid to you directly, but it will be paid to your school and you will be required to pay it off in increments when you become a graduate.
Many kinds of degrees will allow you to access student financial assistance. According to the gov. uk, it includes:
- First-degree, for instance, BA, BSc or BEd.
- Foundation Degree.
- The Certificate of Higher Education.
- A Diploma in Higher Education (DipHE).
- A Higher National Certificate (HNC).
- A Higher National Diploma (HND).
- An Initial Teacher Training Course.
- An Integrated Master’s Degree.
- A Pre-registration postgraduate healthcare course.
Moreover, if you are an EU student and you want to study in Scotland, you may not pay schooling fees. For the costs are covered by the Student Awards Agency for Scotland (SAAS) for first degrees and PGDE courses.
How Can I Apply For A Student Loan?
You can apply online as a student through the dedicated Student Finance England (SFE) application portal.
The portal is open for everyone that wants to do a full-time undergraduate program. You will need to apply early to guarantee to have your loan in place before the beginning of the academic year.
Those interested in part-time courses and short courses can apply later in the year, which is always around May. You will need fo to follow SFE’s social media handles for you to get notifications about upcoming deadlines and the right time to apply.
You will need to visit the website of SFE for more information and the link to the application portal. You don’t need the final deals of where you will study as those detail can be updated later.
Also, you can apply for a student loan for good 9 months after your course starts in the following years.
READ MORE: How Student Loan Works In Scotland
How Much Can I Borrow?
You can borrow money for your schooling and living expenses. For schooling, the fee is a loan that goes towards the cost of your course, which is up to £9,250 yearly. This is the full amount for your tuition in most cases it is paid directly to your school.
The maintenance of the loans will help you with the cost every day as a student that needs accommodation, food and transport. This will be paid directly to your bank account in instalments at the start of each semester.
The certain amount you can apply for is determined by various factors that include where you live and study and your income.
The Cost Of My Total Loan When I Finish?
Your total loan is made up of everything that you borrowed during your program plus the interest. However, because student loans are not like other kinds of loans, the amount you repay each week, month or year is based on what you earn not what you owe and this is will be cancelled when you didn’t pay within 40 years
What Is The Interest On Student Loans?
For those that will start their undergraduate program in September 2023, interest will be added from when the first amount is being paid either to you or the school until the loan is paid off or cancelled.
For the interest rate will be set at the beginning of each academic year and it is linked to the rate of inflation that is measured by the Retail Price Index (RPI).
It means that the amount you owe will increase but only as much as the price of things in general.
When the interest is added it will affect how long it takes for you to repay your student loan, the amount you have to pay weekly, monthly or yearly is based on what you earn and not what you owe.
How Do I Repay My Student Loan In The UK?
There is a big difference between student loans and other kinds of loans in the repayments.
You can start by paying back when your income is over the repayment threshold of £25,000 yearly, that is £2,083 monthly or £480 weekly.
The repayments can be calculated at 9% on everything you earn over your threshold.
The amount will be automatically deducted from your salary by your employer at the same time as the tax and National Insurance or calculated from your arc to return when you self employed.
READ MORE: Loans For Students: All You Should Know
Conclusion
If you want to apply for loans for students in the UK make sure you visit their website to select the kind of program you want to get the loan for before the beginning of the academic calendar.
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