Going to college or university can be one of the biggest expenses in a student’s life. With accommodation and living expenses on top of that, it’s easy to see why it may be necessary for some students to take out a loan to close the funding gap.
Government student loans can help to manage these costs, but many students don’t understand how they actually work. To help those who want to pursue higher education and understand student loans better, we would like to share this comprehensive guide about navigating student loans. You may access it at the following link:
https://www.comparethemarket.com/loans/content/how-do-student-loans-work
In this in-depth feature, readers will be able to:
- Understand the two different types of student loans in the UK.
- Learn about financial support eligibility, application deadlines, and the expected amount of funding.
- Explore alternative financing solutions for non-eligible applicants: scholarships, private loans, deferring school for a year or two, degree apprenticeships.
- Get a detailed breakdown of student finance repayments, including their computations and repayment timing.
- Understand the factors and situations that may lead to the cancellation of a student loan.
Did You Know???
There are differences between the student loan programs in the UK and the US. The government-owned Student Loan Company (SLC), sponsored by the Department for Education, administers loans with affordable repayment plans to students in the UK.
The UK has two different types of student loans:
- Tuition Fees Loan – paid directly to your university or college
- Maintenance Loan – paid directly to your bank account for living expenses
Remember that everyone’s situation is unique. It’s essential to weigh the pros and cons based on your individual circumstances. This guide will help students understand the types of loans available to them and how repayment works, which will help you manage your finances better as you enter into higher education. If you’re still unsure, consider seeking advice from a financial counselor or student loan expert.