What is a Student Loan?

What Type Of Loan Do You Need?
There are many types of loans available to consumers. There is no shortage of people willing to lend money to qualified .....

...... more cheaply, so it's the most cost-effective way of borrowing money while you're studying to pay for all those bills. The interest charged is only equal to the rate of inflation.

Unlike support towards tuition fees, you have to repay any loans. The Student Loan is repaid after you graduate (or after you leave the course, should you leave before completing). Repayments are calculated on a sliding scale and are repaid monthly directly to the Student Loan Company.

Should your salary fall below 10,000 payments are suspended until you earn above this figure again whereupon you will recommence payments. Interest on the Student Loan is calculated at a preferential rate which is far lower than any commercial bank loan rates.

Loans have the unfortunate tendency to mount up your debt. If you take the full 4,000 a year for three years that means you'll be 12,000 in debt by the end of your course and if you're on a longer degree programme, that total could be even higher.

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