Student Loans - Ensuring a Brighter Future Ahead


Higher education in the university gives students a chance to open up. They have a completely new world to deal with. Malcolm Forbes says, "Education's purpose is to replace an empty mind with an open one." While basic education helps inculcate the values and beliefs in students, higher education illustrates what the real world is. While they taste the charm of independence, they also experience the bitter hardships that accost independence.

All their hardships start and end with money. Being away from parents, they will have to deal with a whole lot of financial issues. Besides the tuition fees, the students will have to make provision for rent, traveling expenses, food, books and entertainment.

These add up to a sizeable figure. The parents, already burdened with their own expenses, cannot be burdened any more. With the finances leading them to the edge, students are hardly able to concentrate on studies. Some may even contemplate suicide; while others may take resort to drug abuse.

A student loan can be a convenient option of sponsoring your studies. Student loans help the students pay off their tuition fees, along with the other living expenses, which includes lodging, books, food and other charges. The amount of loan advanced will depend on the actual requirement and the financial condition of the family.

Student loan is repayable only after one completes his/ her education and starts earning a minimum amount. The minimum earning has been increased from ₤10000 to ₤15000 with effect from April 2005. This means that until the student starts earning a minimum of ₤15000, the student need not pay the student loan.

The search for the student loan must go on simultaneously with the search for an academic course. This ensures that the student knows the amount of loan that he has qualified for. He can thus plan the expenses in accordance with his budget. Besides, some institutions require students to advance tuition fees within a very short notice. Any delays can result in losing opportunity of studying in a preferred institution or university. Prior search for student loan ensures that you do not lose upon an opportunity.

The amount to be repaid includes an interest element combined with the principal. Paying in cash would have ensured that no such extra payments are required. However, by not utilizing ones cash reserves for the educational expenses, you are able to use it for other important expenditures.

However, it is not easy to get student loans. Most lenders find students precarious because they are not in full time employment. Besides, banks have pegged the age limit for getting loans at 22, an age higher than the age of average students, thus disqualifying them from getting loans. Absence of credit history may also act as an impediment in their search for loans. Another reason, wrongly attributed to the age of students, is that while they take loans for educational purposes, the money is actually being squandered.

Nevertheless, there are banks and lenders who accept students as mature customers. They are ready to advance financial help to the students to sort out their finances. All student loan applications are to be routed through Local Education Authority (LEA). However, this may differ if you are undergoing different circumstances, like having dependants, bieng disabled, or engaged in some kind of social work.

Lenders will be ready to offer a better APR if the student joins a part time job. This will give a source of income, and a guarantee to the lender that the repayment will be made on time. Even getting parents to be guarantors to the loan will help getting best deals.

The student is bound to inform the student loans company or the local education authority about any relevant changes that may occur on his/ her account. these include change of name, course, national insurance number, or if the student plans to go abroad, and if the employment status changes from employed to self employed. Failure to inform the authorities about such relevant changes will incur penalties.

The loan is broken into a number of installments for convenient repayment. the repayments will start from the April following the completion of the course, whether or not the student graduates. For students who are employed and their earning is above the minimum level, the employer will deduct the repayment every month from the salary. The self employed people will have to make repayments through self assessment tax returns. Those who are employed abroad will be required to pay directly to the loan provider. Failure to keep up the repayments can lead to penalties.

There are a number of means available to the student nowadays to help them in their pursuit for higher education. It is the accumulation of skills through higher education which gives one a distinct identity. Not taking advantage of them would mean bieng one of the crowd, because there will be some who would grasp the opportunity.

Andrew baker has done his masters in finance from CPIT. He is engaged in providing free, professional, and independent advice to the residents of the UK.He works for the personal loan web site http://www.ukfinanceworld.co.uk for any type of uk secured and unsecured loan please visit http://www.ukfinanceworld.co.uk

More Resources

Unable to open RSS Feed $XMLfilename with error HTTP ERROR: 404, exiting

More College/
University Information:

Related Articles

Why are Some Online Degree Colleges Better than Others?
Any student who is on the lookout for online degree colleges would probably have been swamped with the many options marketed to them over the internet. Therefore, it is not a wonder that many students feel confused on the right college selection as they may not know the way to nail down the advantages that certain colleges have over others.
Student Financial Guide is Your Guide to College Success
The Student Financial Guide website is divided into categories pertaining to pre college resources, during college experiences, post college challenges, investing, news, and even a forum where you can chat with other members looking for advice or just wanting to chat.Preparing for college is very important and that's why the Student Financial Guide covers topics on budgeting and planning for your college years.
The Distance Learning Explosion!
A generation ago few would have given much thought to educating themselves apart from a 'brick and mortar' educational institution. Certainly, for several generations, correspondence courses allowed people to gain knowledge while studying in the comfort of their homes, but these schools pale in comparison to entire universities dedicated to instructing students remotely.
Distance Learning Degree Program - How to Study
The format of distance learning courses is different than what most students have experienced. The teaching style is more student directed and you will have to become accustomed to these differences.
Five Steps To Choosing A College
My name is Debbie Ross. The information I have about my journey in finding a college can help both parents and students alike.
Chiropractic Schools
Before CHIROPRACTIC SCHOOLS accept one into their educational system, it is recommended that students have earned a degree in the arts or sciences from an accredited college or university. Chiropractic schools also require applicants to have at least 90 semester hours in English, social sciences or humanities, organic and inorganic chemistry, biology, physics, and psychology as well.
Student Loans - Ensuring a Brighter Future Ahead
Higher education in the university gives students a chance to open up. They have a completely new world to deal with.
What to Look For When Choosing an Online University
A college degree gives a person a guarantee of higher wages and a better job. Sadly, many Americans continue to go on without having a college degree.
Online Degree Education - Advantages
Distance education has been getting a lot of attention lately, but it isn't new. Correspondence courses have been around for over a century, allowing students to complete assignments and mail them to an instructor for feedback.
Need Help Paying Back Student Loans?
Many college students and graduates are looking for a solution for their student loan debt. While borrowers may be having difficulty paying back student loans, there is help.
How to Survive with As
Attend ClassGo to class, every class, every time. It is very common and very easy not to attend class.
Commercialisation of Higher Education in South Africa
Introduction and Literature ReviewSouth African education policies place priority on addressing historical education imbalances, but should also be sensitive to the demands of an ever-increasing global knowledge-driven environment. The educational system cannot be dominated by the needs of the domestic educational system of South Africa ignoring the trends exerted by the global world (OEDC Annual Report, 2004:44).
Student Moans and the Quarterlife Crisis
It's that time of year again when global issues take second place in the British media, to make space for the great 'A' level debate. Packed with case studies of "Laura achieved nine A grades and was still rejected from her first choice", you have to wonder how long students can maintain the will to study.
College Entertainment for Less
Most of these activities are free or very cheap:* Campus music or dance recitals* College theater productions* Guest speakers* Poetry readings* Museum tours* Sports-either participate or go route for your school* Film and video showings* Art openings* Clubs on campusIf you are looking to stray away from campus here are some off campus fun frugal ideas:* Go watch a local band, they usually play at bars but the cover is usually $5-$10 to sit and enjoy and be in a sociable setting* Go to the movies, catch the matinee film during the day when prices are less expensive* Explore natural parks or recreation facilities where you can work out or simply enjoy the surrounding* If you have a pool in your apartment complex or have friends that do, gather round and soak up the rays and have some fun.* If you are in cold climates, go sledding in the wintertime, it's an activity that you're never too old for.
Physical Therapy Schools
Physical Therapy Schools administer course instruction to potential physical therapists. Physical therapy schools help students to meet physical therapy requirements and the ability to pass a licensure exam before physical therapists can begin to practice.
Acupuncture and Oriental Medicine
There are over 50 Acupuncture Schools in the United States. Acupuncture laws differ from state to state, therefore, each acupuncture school entails its own philosophy and instruction outline.
Outstanding Business Professors at WVU, Part 3
Students appreciate teachers that can show them how the material they teach can be applied to the real world.Dr.
Online Education with the University of Phoenix
University of Phoenix Online Focuses on Team LearningUnlike some other schools, the University of Phoenix Online focuses on Team Learning. For all classes, team assignments can make up to 20% of the student's total grade.
Distance Learning and Distance Learning Online
Distance learning has become extremely appealing and widely attended because of the many educational options it offers through an educational format that caters to students who require flexibility in pursuing a degree. If you have decided that you need to jump-start your flagging career, want to change careers, or reach higher for an education that can increase your earning potential, then a distance learning online school is for you!Anything from the traditional undergraduate and graduate degrees to certificates, diplomas and other certification is available in the wide world of distance learning.
How to Survive First Year Engineering
So you just got accepted in your engineering program?joy, but you are still doubtful. You ask yourself, could I actually handle the stress, the sleepless nights, the solitary life style and the Exams? Well hopefully after reading this guide you might just be able to do so and perhaps without going insane or bald.