-->While planning to study in the UK, many
students send applications for college loans. One of the reasons for
the application to be rejected is that the applicant has no clear
idea about the types of loans that are applicable to them. In short,
understand the loan process and the types involved before you submit
a loan application.
If you are planning to apply for a course in an UK college or
university then the first factor that needs to be considered is if
you would require financial aid or not. If the answer is ‘No’
then the process is simpler but if the answer is ‘Yes’ then you
must consider checking in with the institutions regarding college
loans and grants that are offered for students. According to
statistics, an overwhelming two-third number of undergraduate
students require loans to pay for the college. But while applying for
such loans, one must have a clear understanding of the different
factors that can help you shortlist the type of loan that will
benefit you in the long run.
In the United Kingdom, the college loans are offered by Student
Loans Company or SLC, government run public body that assists in
checking the loan applications sent from students all around the
world. It is solely responsible for granting college loans to
students by researching on the student’s background and so on. Once
the body is satisfied with the application, the SLC grants or rejects
the application.
Eligibility for UK College Loans
There are basically two requirements for application –
eligibility for the course applies and the personal address
statement. Before applying for the loan, the student must make sure
that he or she is a part of an institute in the country – that is,
he or she is accepted for an undergraduate course in a UK-based
college. Next, the address of the student is checked – this is an
important aspect of background checking. In case the student is
working along with a recognized youth program then he or she can
expect an approval from SLC.
Student Loans – Factors to Consider
While downloading forms for student loans, one must understand
that there are different types of forms for different types of
finances. That is, if you are studying full time, studying part time,
or applying for short-term courses for social work or healthcare or
others. You will need to pick up a different application form for the
type of studying you are pursuing in the UK.
If you are a full time student, the application form for tuition
fee loan is best suited for you. These types of loan encompass the
full cost of the college tuition. Another type of loan that is best
suited for full time students is maintenance loans that cover the
dormitory costs in the college and the studying costs. The latter is
best suited for students who come from underprivileged families as it
covers every aspect of studying in an UK college. But before sending
an application, make sure you check the basic definition of
underprivileged or low-income families. If you still qualify for the
loan then only send an application to the SLC.
Though student loans are usually offered to provide an easy and
equal chance for all types of students belonging to different strata
of the society to continue studying; one must understand that few
types of college loans need to be repaid. While there are others that
are offered as grants and scholarships that provided by individual
colleges and need not be repaid. In case you are applying for a loan,
always check this factor and consider the Interest rate that is
levied onto the amount.
