Opening your mail to an admission letter from a UK university would be a dream come true for many international students.
Despite being a top study destination, studying in the UK can be quite expensive especially as a Non-EU member. The high cost of living depending on the area has also contributed to making education expenses in the Uk on the high side.
Sometimes, even after planning or getting financial aids from families you might sometimes need extra funds to continue your education in the UK. This could be in form of a scholarship or student loan.
What are Student Loans?
Student Loans are education Loans which are designed for both citizens and international students studying at approved colleges and universities in the United Kingdom.
Student loans were created to help students who are willing to study but have insufficient funds to do so.
Although permanent residents and EU citizens have access to more loans from the Federal Government, there are other ways to obtain student loans as an international student, not from the EU.
How Can I Apply for a Student Loan?
Institutions who give out loans to international students are private financial firms in the United Kingdom. Also, there are a few UK universities who have student loan options for their students.
You can send an email to your university for further information on how to obtain student loans.
Internationalstudentloan.com can also be a good place to find out your school’s eligibility and application procedures. It is also important that you consider the interest rates, repayment terms, and duration before putting in for that loan.
What do I Need to Apply For Student Loans?
Although different financial institutions have different requirements, here is a list of some documents that may be required:
- Admission letter from your university
- Loan application form
- Passport size photographs
- Academic documents (certificates and Transcripts)
- GMAT or IELTS results
- Proof of residency for the student and guarantor
- Statements of accounts
Is there a Maximum Amount?
Well, Most firms usually do not give out loans that exceed your tuition fees as an international student.
Funds, if approved, are usually paid directly to the university. The only time you might be given access to funds is if you apply for a maintenance loan.
When do I Repay Student Loans?
Some firms usually start upon graduation and securing a job whilst some start the loan repayment process payments with no interests within the duration of your program.
Some might even require that you work with their firm for a while after graduation. However, repaying a student loan is dependent on the type of job you get, the interest rate and how much you earn.
I would advise that you consider other options such as applying for a scholarship or bursary before applying for a loan.
In a situation where these options are not viable, then I will recommend you read thoroughly the terms and conditions of the loan you would apply for.