What exactly is a student loan? The British Ministry of Education provides student loans in order to help students cope with their study costs. A student loan is given to every student who has been admitted to a British university after completing the proper application form. Every undergraduate student who has been accepted by a British University is entitled to a student loan. The loan amount is equal to the University’s tuition fees (e.g. 9,000 pounds). The loan is interest-free and should be paid back after graduation only if that particular student is working and exceeds the annual income threshold of 24,000 pounds sterling. If the graduate doesn’t have such annual income, he or she is not obliged to pay the loan back. In case the annual income threshold is exceeded, the British Government requires the payment of 10% of the surplus of income over 24,000 euros. It is evident from the above that the student loan in UK has nothing to do with usual bank loans and we can consider it as a sponsorship. In Scotland, postgraduate students are entitled to a student loan of up to 3,400 euros per year. Of course, if we process the application on your behalf, the student loan is guaranteed.
Student loan in England – More details
There are hundreds of international students who began to study in England and were not even aware of the existence of the student loan. There are many parents who think the student loan is inconvenient due to ambiguous or incorrect information. Some of our clients have paid the tuition fees for the first year of study and then contacted us to secure the loan for the remaining two years. Why is this misinformation? Simply because not many people know the correct process of the application for a student loan. This process requires an excellent knowledge of English and lots of effort and experience. You can trust us because for many years we work on several hundred student loans with success.
If you need more information about student loans or you decide to apply for a student loan yourself, you may visit the British Government’s page about finance for students from EU countries. We need to emphasise that this is not a simple procedure.