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With education getting more expensive with each passing day owing to inflation and other spiraling costs, an education loan has become a reality. Paying up the entire fees for higher studies is impossible for most people unless they fall into the "super-rich" category.
Education loans were created by the government to help fund the expenses students encounter while pursuing a higher education.
How to apply for a student loan -
All students under 50 years of age are eligible to apply for a loan. You would need to get in touch with your LEA (Local Education Authority), your university or apply online through the Department for Education and skills. You must apply as soon as you received an offer from your school, so that you have the money available to pay tuition fees.
How much loan are you eligible for?
The LEA decides on the amount you are eligible for once they process your application. Their decision is based on the following criteria such as your family's income, where you live, what you will be studying, which year of course you are in and the duration of your course.
Regardless of the above mentioned factors, one thing remains common, which is that all students can receive 75% of the maximum allowance.
They generally pay you in three installments, with the first in the form of a cheque and the other two are paid directly into your bank. The interest on your loan is accrued the moment you cash the first cheque.
Paying back the loan
You can begin paying back the loan immediately after graduating, if you earn enough and afford to start on the repayments. This will save you interest in the future and will also shorten the repayment time.
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