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Student Loans

Written by Sam | October 22, 2019

How To Get a Student Loan?

To get a student loan you will need to be at university or have a confirmed space. You will need a letter confirming your acceptance on the course and you will need to send several documents off to Student Finance in order to get the maintenance loan and grant.

The maintenance loan and grant are based on the household earnings and then the government will decide on how much you can get for your studies. However, to start you will need to choose your university, get the grades you require, get your acceptance letter and apply for your student loan on this website. From here it will take you through the whole process.

How Student Loans Work?

Student loans are given to you from the government to cover the cost of university. One part of your loan will cover your course fees and another part of your loan or grant will cover your living expenses. However, this side of your grant or loan may not cover all of your expenses. You will need to check how much your accommodation will cost you and how much you will need to live per week!

If you will spend more than what you get in your grant or loan, you will need to top it up somehow. Many students top this up by working part-time in bars and nightclubs in order to earn extra money with flexible hours!

Does It Cover My Accommodation?

This will depend on how much of a grant and loan you get and how much your accommodation is! If you are planning on living in London you are likely to get a higher loan or grant, if it is outside of London you will get less of a loan or grant.

When Is It Paid?

The loan is paid to you at the start of each semester. Usually, if your rent is termly, it is aligned with your loan or grant installments.

When Do I Pay It Back?

You only start to pay back your loan when you earn over 21k (currently) and it will come straight out of your pay packet.

Do I Have To Pay Interest On My Loan?

Yes, you will accrue interest on your loan. This means that if you don’t pay anything or enough of it off, your loan will increase in size! Each year you will get a statement breaking this down for you!

Will My Loan Be Written Off?

Yes, after a certain age or period of not living in the country, your loan will be written off. You will be notified when this has happened by the Student Loan Company.

Is Student Debt Bad?

University debt won’t affect your credit score. Personal debt will if you go into your overdraft in a personal account. This is against your name and will look bad! Student bank accounts are more forgiving when it comes to overdrafts.

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