What are student loans?
Student loans (those from Student Loans Company) are essentially part of the government's financial support package for students wanting to pursue higher education. Student loans are aimed at helping students meet their daily living costs while studying.
For offering financial support there is a basic classification of student types - dependent and independent students. In case of independent students, the Local Education Authority (LEA) will not expect you parents to contribute towards your fees or living costs.
Independent students are categorised based on the following points -
- Student aged 25 or above before the start of the academic year for which you are applying or
- Have been married before the start of the academic year in which you are applying for support or
- Have supported yourself for at least three years before the start of the course or
- Have no living parents
All above the may need documented evidence and you are likely to be asked for the same.
How much will you get for tuition fees?
The amount of financial help that you get depends on your income and that of your family or household. The full tuition fee contribution is not expected from most students and independent students do not have to pay tuition fees at all.
Help for other living costs
Student loans can be availed of for help with living costs such as accommodation, food, clothes, travel and so on. On an average 75% of loan amounts are available to all eligible students, while the remaining 25% is assessed on income. The interest rate charged on the loan is linked to inflation so that what you repay will be worth what you borrowed. Another clause that is of great help to students is that the student does not have to repay the loan until he has left the course and started earning more than £15,000.
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