Student Loans UK - Student Loans
Student Loans
It is vital that when it comes to starting university that you have calculated the exact cost of how much it will be for the entirety of the course. Remember to include the other points mentioned above before going to the Student Loans Company (SLC) or your local bank to pursue a student account. The latter is more orientated for those general expenses like tuition fees and course materials whereas the former is specifically designed for living expenses. However, this does not mean that you cannot apply for both.You can apply to the Student Loans Company once the education authority has informed you how much financial aid you can get for that academic year. Once you have been approved by the SLC you can receive any amount of money up to that limit stipulated by the education authority. You'll will usually receive the agreed amount in instalments every three months. The first instalment will be a cheque that you collect from your university administration office at the start of the term. The other instalments will be paid directly into your personal bank account.
Banks will try and tempt you with free gifts, discount cards or book vouchers so that you will open their student account. Free stuff is always great but don't let it distort your vision when applying for financial support. You need to bear these factors in mind when comparing your local bank against their competitors:
• the size of the overdraft
• the interest rate on the loan
• the minimum amount you must be earning before you begin paying back the loan
• accessibility of your account
Once you are satisfied that you've found the right student bank account for your circumstances then the process of opening the account is simple enough. You'll need your acceptance letter from the university that you are to be studying at as well as some proof of your identity (driving licence, passport, etc.). The student advisor will then take you through the application and will therefore be on hand to answer any queries or questions you may have.
If you are looking for a loan other then a bridging loan, we recommend that you visit Loans UK.