Guide student loan in the UK
We at Team Ocxee understand the importance of money and that is why this article will come handy for anyone and everyone looking for information related to loan. As a student the only thing that should be bothering you, should be studies and not money.
Tuition fees in the UK have been rising for years, capping last year at the highest amount it ever was. The British education is quite expensive, but fortunately, you can borrow enough money for Education loan for students and pay them later.
Off late as per government’s decision amended in 2017, it allowed universities and other higher education providers to charge students with a fee of £9,250 per annum.
It can be an additional burden to students in case you have saved some money for your higher education in UK.
You can be relieved as the UK Government gives a significant financial support to students, who struggle with funding, because they have a well-established and flexible student loan system.
Before you proceed further, here are some points that you should consider before applying for any Education loan for students in UK.
Eligibility: Below are certain conditions and terms that qualify you for a Student education loan in UK before going into details on each:
- Your university or college
- Your course
- Previous education history
- Your age
- Your residency status or citizenship
University: Unless your university carries an official recognition, you are not eligible to apply for any loan. For the sake of information, these institutions are known as recognized bodies.
Not every higher education provider there is in accordance with these regulations and so it cannot award you a recognized degree.
Make sure do your research properly before choosing a university. Many websites offer you a compiled list of all the universities affiliated to the government.
If you do not find it listed there contact the Department of Education to check it for you. Otherwise, you will end without getting any of UK student loans.
Do follow our post on Saving Money in Canada can be easy with these tips
Age: There are no age restrictions to acquire UK student loans.
Previous education history: Usually, UK student loans are given to those students who are seeking a degree for the first time. There are few exceptions also:
If you don’t have a degree you’ll get a limited fund on these two cases:
- You change your study course
- You drop out a course but then you start It again
On the other hand, if you already hold a degree you can get a limited fund in these cases as well
- You have completed a Foundation degree, an HNC or HND and now you want to seek an Honours degree.
- You have an Honours degree or higher education qualification, but you start attending a part-time Honours degree in engineering, technology or computer science.
Course: Following courses will make you eligible for any Student education loan in UK
Note: Part-time students are obligated to study 25% (at the minimum) of a full-time course in each academic year to be eligible to take a loan. This is called “course intensity”.
If you are wondering how to repay the loan, do read our Post Study Work Visa in the UK
Residential status: As for the nationality and citizenship, the following are eligible to apply for a fund
- You’re a UK citizen or “settled”
- You have been living in the UK for at least 3 years before starting your study course
Also, if your are any of these, you are eligible:
- Humanitarian protection
- EEA migrant employee
- Child of a Swiss national
- Child of a Turkish employee
- A stateless person and you’ll start your course in or after 1 August 2018
- You’re from an EU country
- You’ve been living in the UK for 7 years and you’re under 18
- You’re above 18 but have been living in the UK for at least 20 years or half of your life.
Applying for the loan:
Most of the part-time and full-time requirements for Student education loan in UK is
- Set up an online finance account
- Log in and complete the application form
- Submit household incomes if necessary
- Show an identity proof if it’s required
If you encounter a problem when applying for Education loan for students, contact the Student Finance England.