08-04-2024
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Student loans in the UK are a form of financial aid that can help students pay for their tuition fees and living costs while studying. The loans are provided by the UK government and are available to both undergraduate and postgraduate students. The loans are interest-free and are paid back once the student has finished their studies and is earning a certain amount of money. Repayment of the loan is based on a person’s income and not on the amount borrowed. Student loans can help students cover the cost of tuition fees, living costs, and other expenses related to their studies.
To attend a University in the UK, it will cost you approximately £9,000 annually which will rack up to a huge sum of £36,000-£45,000 over the four (4) to five (5) years of study as well as additional course fees for books and equipment.
If you are an international student from a country outside the UK and EU, you will likely not be eligible for a student loan, meaning you will have to either apply for a scholarship to your university of choice in hopes of receiving financial aid or have the existing money to fund the large cost of further education. Further down is the list of people eligible to apply for a student loan. Make sure you double-check even if you aren’t a UK or EU citizen as there might be another category you fall under that makes you eligible to apply.
To be eligible for a student loan as an international student you must:
2. If you’re not a UK national and are either:
3. Your residency status is any listed below:
4. You’ve been living in the UK, the EU, Iceland, Liechtenstein, Norway or Switzerland for the past 3 years and you have one of the following:
STUDENT REPAYMENT OPTIONS
Plan type | Repayment Plan |
Plan 1 | You’ll only repay when your income is over £388 a week, £1,682 a month or £20,195 a year (before tax and other deductions). |
Plan2 | You’ll only repay when your income is over £524 a week, £2,274 a month or £27,295 a year (before tax and other deductions). |
Plan 4 | You’ll only repay when your income is over £487 a week, £2,114 a month or £25,375 a year (before tax and other deductions). |
Plan 5 | You’ll only repay when your income is over £480 a week, £2,083 a month or £25,000 a year (before tax and other deductions). |
Postgraduate Loan | you’ll only repay when your income is over £403 a week, £1,750 a month or £21,000 a year (before tax and other deductions). |
You only have to start paying these fees back when you start earning past the income threshold. Once you’ve received your first loan payment, interest will start being added. This means that once you’ve finished your university course and you’re earning enough to repay your loans, you will have to pay back more than you were given due to the interest rates over the previous years of being in university. Keep this in mind as an architecture/ medical courses are longer than most university courses so your interest is likely to be greater than those who study shorter courses.
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