Studying in the UK at the top universities must be the dream of almost every student situated all around the world. The cost of studying in the UK is quite high as compared to other nations, due to which many students have to sacrifice this dream because of a lack of financial sources. Studying in the UK not only requires tuition fees but also additional expenses. The tuition fees itself in the UK have been rising year by year. However, you still get more than 1000 scholarship programs but unfortunately, in the end, students still fall short of financial resources.
At this crucial moment, UK Student Loans come as a rescue and therefore are unavoidable in any student’s life seeking for British education. The Government provides very important financial support to those students, who struggle with funding, via well-established as well as flexible student loan system.
One must take note that your education in the United Kingdom will completely depend on your thorough budget plan, therefore, you must have a major knowledge of this loan system. If you are also one of those who are searching to get more information on Student Loans in the UK, then you are perfectly at the right place. This article will provide you a better understanding of UK Student Loans. So, without wasting any time let’s get started….
UK Student Loans Categories
Usually, the UK student loans come in two types based on the expenses that you are going to aim to cover and those are Tuition fee loans and maintenance loans.
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Government Loans For Tuition Fees
A full-time UK student can usually apply for a loan that is of up to £9,000 in order to pay their tuition fees. This keeps on rising with next coming academic year, when it’s anticipated we’ll see a number of universities increasing their fees as well. The tuition fee loan is basically paid directly to the University of the Student.
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Government Loans For Maintenance Loans
Other than tuition fees, the Students can also get a government loan in order to help towards their living costs, which is known as a maintenance loan. Mainly, a full-time student who is living away from home in London and can get the most.
Eligibility Criteria For UK Student Loans
Before Applying for UK Student Loans, you must fulfill the eligibility criteria, otherwise, you won’t be eligible for the fund. Here we have listed certain terms and conditions for UK Student Loans that will let you know whether you qualify for a student loan or not.
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Your University/ College
For getting the eligibility for a student loan in the UK, you must first check if your university is aligned with certain government regulations or not. One must take note that not every higher education provider there is in agreement with these regulations as well as it can’t award you a renowned degree. If so, you won’t be permitted to pursue a student loan fund. Except your university carries an official recognition you’re not qualified or entitled to apply for such a loan.
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Your Course
Similar to any other university, the courses also need to be assessed whether they are in line with education law regulations. Some of the courses may possibly be offered in universities, but at the same time still not recognized so to say. One must also take note that the Part-time students are obliged to study 25% (at the minimum) of a full-time course in every academic year in order to get eligible to take a loan. This is also termed as “course intensity”.
If in case your study course is not any of these below-listed lists then you might not eligible to apply for a student loan.
- Initial Teacher Training
- An integrated master’s
- A foundation degree
- A first degree, BA or BSc or Bed
- A certificate of Higher Education
- A Higher National Certificate (HNC)
- A Higher National Diploma (HND)
- A diploma of Higher Education (DipHE)
- A postgraduate certificate of Education (PGCE)
- A pre-registration postgraduate healthcare course
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Your Age, Residency Status & Citizenship
As far as your age is concerned, there are no age restrictions to acquire UK student loans at the present date. While talking about nationality and citizenship, the following are eligible for applying for a fund. Those are as follows:
- You’re a UK citizen or “settled”
- In advance of starting your study course, you have been living in the UK for at least 3 years
- In addition to that, if your residential status is one of the below-listed options then also you’re eligible:
- Refugee
- EEA migrant employee
- Humanitarian protection
- Child of a Swiss national
- Child of a Turkish employee
How to Apply For UK Student Loans?
Once you have checked your eligibility for the student loan, you should then move on to the further stage and that is applying for one. The SLC (The Student Loans Company) is basically the regulator that offers UK loans to students. The process for getting the one is quite different in every country that establishes the UK. At the present date, students who are situated in England have the chance to apply online, but not those in Scotland, Wales as well as Northern Ireland.
There are many part-time and full-time students located in England who have to set up an online finance account and then Log in and complete the application form after which they have to submit their household incomes if required. At the end of the process, they have to show identity proof if it’s required.
If in case you are facing any issue or problem while applying, then simply contact the Student Finance England.
Cancellation of UK Student Loans
However, you can also cancel your UK Student Loans but it will also charge you. At the same time, there are some specific situations or conditions at which you will no longer be charged with tuition fees. These conditions consist of the death of the person or the permanent loss of his ability to work as well as earn money. In addition, your debt may possibly be canceled if you can repay it within a specific period of time. The reason behind that is the loan student system under continuous changes these circumstances can change from time to time.
Bottom Lines
In this section, we have covered the basic idea about UK Student Loans and its complete Guide for you. I hope you guys have enjoyed reading this article. if you have any questions or Querry related to Student Loans In UK then feel free to comment in below Comment Box, we will try to reach you soon and solve your problems related to Student Loans in the United Kingdom.