It's hard to get a great education and also work so finding the best student loan in the UK needs to be your priority. These loans are designed to help students like you, that are super intelligent but might not have the means to pay.
A student loan allows students to get their education without having to stress out about money. Student loans are for your tuition but they can also be used for books, housing, and other miscellaneous expenses.
These days many financial institutions are trying to get into the student loan market. They're banking on your future wealth. So that means you've got to be very careful who you give your business to. We've got a guide up next to help you.
Best Student Loan in the UK: Student Finance
Student Finance is a UK government lending initiative that specializes in student loans. It falls under the government's Student Loans Company.
Student Finance England says it prides itself on giving flexible and short-term loans to students. And these loans can be used in a myriad of ways, including covering tuition fees and the cost of living expenses. You can get help in the amount of up to £9,250.
What UK Student Finance Offers
UK's Student Finance stands out because they give you a chance to breathe. They only require borrowers to make repayments once the borrower is earning over a certain amount over the required income threshold.
More than this lucrative offering, this loan also offers competitive prices for interested parties. There is also a wide range of student loan options to choose from. Such as maintenance loans, graduate loans, and tuition fee loans, making it cater to everyone’s needs.
Talking Repayments
There are currently three repayment plans under the plan and this is dependent on the type of student loan you apply for. Rates levied can range between 6% of the total income over the repayment threshold for a postgraduate loan. While it is 9% for the remaining two plans.
An additional interest rate will be imposed by the company, with the interest rates being based on the Retail Price Index (RPI) in the U.K. as well as your income.
Eligibility and Application
Application for a Student Finance student loan can be done online via their website. Eligibility for this program mainly takes your university or college into account. It also considers your course, age, nationality, and residency status.
Part-time students, full-time students, and those pursuing higher education are welcome to apply. However, bear in mind that aside from the aforementioned details, family income and history, as well as employment and other personal details are also considered.
You can contact them at 0300 100 0607.
The Bottom Line
Getting a loan through the UK government can prove mighty helpful. There are important requirements of course, but if you qualify it's a pretty sweet deal. The repayment term gives you flexibility so you can pay back once you are settled in your career.
Note: There are risks involved when applying for a loan. Consult the loan site for more information.
