The question at hand is how to get a study loan in the UK. The UK is one of the top countries in the world the study in for this reason students tend to pursue their studies there but most of the students are not financially stable to fend for themselves. They do not have the funds to transport themselves not to mention accommodation and living expenses when they find themselves there. For these reasons, study loans have been made available for these students. Now
What is a Student Loan?
A student loan is a form of debt that allows you to borrow money for educational purposes.
Study loan is committed to providing opportunities for students with access to high-quality, low-cost education in other nations. A study loan provides funding to citizens who are looking to participate in a study abroad program outside of their country.
To be eligible, students need to be attending and earning credit at an approved school in their country which will disburse the funds directly to you prior to departing for your host country.
Read Also: Cost of Studying in the UK
First, you should know that student loans in the UK are available for international students. They can be used to pay for your tuition, accommodation, and living expenses. The amount will vary depending on the institution and degree program. The more prestigious the university and course are, the more the charges for a study loan. You can use this money to study at any university in the UK and get a quality education without worrying about the cost of living and having your throat cut out.
When you decide to take on a study loan, the lender is expected to pay for your college degree and associated expenses and you as the person taking the loan is to pay back over time according to the loan agreement. This funding is to take care of tuition fees, books, supplies, and living expenses.
US students can apply for a Study Abroad Loan or can apply for a Foreign Enrolled Loan. The Study Abroad Loan is for US students that are enrolled in an approved US school and studying in the UK on a study abroad program of a year or less. The Foreign Enrolled Loan is for US students studying at least half-time at approved schools in the UK towards a full degree or certificate program.
Read Also: Top Scholarships For International Students
Eligibility Criteria to Apply for Study Loan
Before a loan can be given out to a candidate, the candidate has to be proven eligible for the loan the lender wants to give out. Now some of the eligibility criteria to demonstrate before one can be granted a loan are:
- Proof of admission
- Education loan application form from the bank.
- Proof of identity which may come in a voters card, passport, driving license, etc
- Proof of address which may be in the bank statement, rental agreement, ration card, electricity, or telephone bill
- Passport-size photographs.
- Proof of age
- Proof of income such as salary slips
- A detailed list of expenses for studying your chosen course.
- Borrower’s bank account statement.
- Statement of assets and liabilities of co-borrower
When applying for any study loan of your choice you may or may not be asked to provide a collateral item which might be in form of property as a means to secure their end so that the lender would not have anything to lose depending on the requirements of tour chosen lender.
When you take out a loan, you are expected to pay back the full money called the principal before the agreed date and time and also pay an additional amount charged by the lender for the loan called interest.
With these, you are free to go ahead and make that loan request.