||Bookmark this page!
The majority of
students in the UK obtain their student loans from the government.
The UK student loan program is administered by the Student Loans
Company (SLC), which has various regional branches throughout the
UK. The UK includes England, Wales, Scotland, and Northern Ireland.
All students who are residents of the UK and attending a college or
university in the UK are eligible for these student loans. All
undergraduate degree programs are eligible, as well as graduate
programs in teaching. It is important to note that loan approval is
based on a studentís eligibility, not a credit report.
UK student loans are made up of two separate loans: the tuition fees
loan and the maintenance loan. The tuition fees loan covers the cost
of tuition for the studentís program of study. Loan proceeds for the
tuition fees are paid directly to the institution. Whereas, the
maintenance loan covers the studentís daily living expenses and
textbook costs. These funds are paid to the student, in three
installments during the semester, and deposited in a designated bank
UK student loans begin to accrue interest on the loan origination
date. However, repayment of the student loan is not required until
the April after the student graduates or terminates his studies and
earns at least £15,000 annually. The interest rate is based on the
Retail Prices Index (RPI) which changes in March each year.
The RPI for 2009 is negative (-0.4 percent) . As a result, the SLC
announced in May that the interest rate on UK student loans
originating before 1998 will be -0.4 percent. For loans originating
in 1998 and later, the interest rate will be -0- percent. These
interest rates will be in effect from September 2009 until August
2010. During the current financial crisis, this is welcome news to
graduates and an excellent opportunity to lower their student loan
debt more quickly.
The UK student loans may be deferred due to lower income levels,
partial disability, or a continuation of college studies. The loans
are deferred for 12-month periods. Repayments can be completely
cancelled in the event of death or total disability.
Private student loans are an alternative source of financing
available from private lenders. These loans usually have a higher
interest rate, require a credit report, and can be secure or
unsecured. Private loans are widely available since most financial
institutions offer some form of private student loan.
insurance deals car
insurance for young people prestige
car insurance car
car insurance motor
insurance quote discount
car insurance toyota
car insurance very
cheap car insurance online
car insurance quote motor
insurance companies best
car insurance sports
car insurance direct
car insurance insurance
for a car the
cheapest car insurance car
insurance for new drivers