Student Loans in the UK: What You Need to Know

For those who wish to further their education but don’t have the financial means to do it, applying for a student loan may just be your best bet. In this article, we give you a bird’s-eye view of what you need to know in order to make informed decisions and head in a direction that’s right for you.

Borne out of government efforts to enable those wishing to pursue higher education to do so at lower costs, there are various student loan schemes that are available and are tailor-fit for different needs. Also, with the credit market in pretty good shape, obtaining loans from private players are likewise becoming more easily available. Unlike other credit sectors, in fact, the student loan industry is still doing very well, for investing in individuals’ education is not seen as something risky.

On the contrary, students are more likely than other debtors to return the money they have borrowed, so many financial institutions offer special packages, meant for people willing to study but lacking the cash to do it and, with university fees rising across the country, many more individuals will be requesting student loans starting from this year. The kinds of loans you’re actually going to get or qualify for will vary based on the type of education you are pursuing, whether it be full-time, part-time, or taken on a distance-based set up. Other factors that come in to play are things like where the student is based, where he or she will be studying, the merit for which he or she is applying for, as well as his or her financial capacity. Other specifications and categorisations based on the study level are:

• Students who wish to go into further education

• Students who are currently in further education but in need of financial help

•Students who have left further education

• Students in a gap year or years

• Students who have children

• Post graduate students

• Mature students

• Disabled students

• Students in North Ireland, Scotland, or the European Union

• Students funded by the NHS

For extensive details on obtaining a student loan, it is best to consult with your local student loan award authority, which will help you with regard to the initial stages of your student loan application. You will also be evaluated based on your eligibility to qualify for the loan.