Complete guide to student education loan options in UK
The United Kingdom (UK) is one of the top international study destinations in the world. It attracts over 450,000 international students every year.
It all starts with a beautiful dream of studying abroad. Education Loan for students is a convenient way to study abroad.
UK is the best study destination because of its unique research techniques, modern teaching methods, state of the art facilities, and an unequalled offer of study programmes at Bachelor’s, Master’s, and PhD level.
This article will give you a clear understanding of formalities and options available for a student who wishes to apply for loan while studying in UK.
What is the tuition fee to study in UK?
|S.No.||Study Program||Average fee (in Euros*)|
|1.||Undergraduate bachelor degree||GBP 10,000 to GBP 20,000 per year|
|2.||Postgraduate master’s degree||GBP 10,000 to GBP 20,000 per year|
|3.||Doctoral degree||GBP 15,000 to GBP 24,000 per year|
If you belong to England: The cost of fees is up to £9,250 per year when studying in England, Wales, Scotland or Northern Ireland.
If you belong to Scotland: It is FREE, if you’re studying in Scotland, The cost of fees is up to £9,250 per year in England, Wales or Northern Ireland.
If you belong to from Wales: up to £9,000 per year if you’re studying in Wales; The cost of fees is up to £9,250 in England, Scotland and Northern Ireland.
If you belong to Northern Ireland: The cost of fees is up to £4,395 per year if you’re studying in Northern Ireland; The cost of fees is up to £9,250 in England, Wales or Scotland.
UK’s Graduate Immigration Route (GIR)?
As per the latest information,the UK government announced the Graduate Immigration Route (GIR) on 11th September 2019, this will enable students to stay up to 2 years in the UK post their graduation to work or look for work at any skill level.
The route, however, does not count towards permanent settlement. The date of commencement is Summer of 2021 or later. This also applies to students who have already started their courses.
The graduate immigration route will require a valid Tier 4 visa and a new application, which will include payment of the visa fee and Immigration Health Surcharge.
One of the major benefits of this GIR is a student will be able to stay and earn in the UK for a longer period; they will also repay a major chunk of the education loan.
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This will directly improve their approval rate for education loans for the UK.
What are the Different Options of Education Loan for students the UK?
Government loans for tuition fees
A full-time UK student can generally apply for a loan of up to £9,250 to pay their tuition fees. The tuition fee loan is paid directly to the student’s university.
Interest accrues at the rate of inflation (RPI) plus 3% while you’re studying. From the April after you graduate interest is calculated on a sliding scale, depending on how much you earn, from ‘RPI only’ up to ‘RPI plus 3%’.
Government loans for living costs – maintenance loans
Students can also get a government loan to help towards their living costs, known as a maintenance loan. A full-time student living away from home in London can get the most – up to £11,002.
A full-time student living away from home but outside London can apply for up to £8,430 , while a student living at home can borrow up to £7,097.
If you have children or adults that are dependent on you, you might also be able to claim a childcare grant, a parents’ learning allowance, adult dependents’ grant, or child tax credit.
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Bursaries, grants and other student loan options
There are a number of other funding options for particular courses or specialist circumstances. One of the bigger areas is funding here is for medical, social work and teacher training students.
You can currently apply for an NHS bursary if you’re doing a certain medical-related course. You don’t have to pay these back. Many universities also have their own bursary systems.
You should check directly with your university to see if you qualify. Again, with a bursary, you generally don’t have to pay it back