Higher education is the best investment done for your future. It will not only make it easy to get the employment but also increases the chances of getting paid the high salary. However, many of the people don’t have enough finances to continue with the higher education and hence they have to take the student loan. The loans for students in the UK have a thing or two to be reviewed; still, it is better to apply for the loan citing the future benefits of higher studies. Additionally, the interest rates charged on the student loans are very low and hence it can be considered as the cheapest financing option for your studies. There are several lenders who provide student loans in the UK.
Barclays offer student loan between 300 Pounds to 10000 Pounds. 0% interest rate is charged on the loan amount while you are studying as during this time the government pays the interest amount. One month after completion of your studies, the interest rate of 9.9% per annum is applied. The repayment term lies between 12 months to 60 months. You can make a choice as per your circumstances. Barclays not only pays for your course but also for your living expenses when you are studying. You will not have to pay any setup fees. There will be no penalty for early repayment; the loan term is adjusted according to your income. If you quit the course in the middle, you will be given notice of 30 days for the new date of the beginning of repayment.
HSBC offers graduate loans to students for an amount ranging between 5000 Pounds to 25000 Pounds. This loan has to be repaid within 5 years of graduation. The loan terms are between 12 months to 60 months. The APR representative applied is 3.3%. However, it is important to note that, HSBC student loans are provided to only HSBC current account holders.
If you are an 18 years old citizen of UK and a graduate account holder of Lloyds bank for a period of 3 months, you can apply for the student loan in the bank. The amount of loan will be 1000 Pounds to 10000 Pounds and repayment term will be between 12 months and 60 months. The loan is approved based on the status and affordability of the applicant. There will be no penalty if you repay the loan early.
Resource Development International Ltd offers many courses and helps you to get the financial assistance for the same from the government via Student Loan Company. You can borrow a maximum amount of 4500 Pounds. This amount is more than what is required for you to study in Resource Development International Ltd. However, only the people studying for 3 years honours degree or BTEC Level 5 HND are eligible for these loans.
If you are 18 years old and the permanent citizen of UK, then you can apply for the student loan in Santander. If you already have Santander current account, you will have to transfer it. The loan amount will be between 1000 Pounds and 10000 Pounds and repayment term will be from 12 months to 60 months.
If you are looking for an undergraduate and postgraduate student loan, you can reach out to the Student Loans Company. You just need to fulfill the basic eligibility criteria of being a permanent citizen of UK and have selected qualifying course as loan is not provided for every course. You need to apply for the loan 3 months before your course starts. If you are a full time student, the maximum amount you will receive will be 9000 Pounds and for part time students it is 6000 Pounds.
The bank offers professional and career development student loans of amounts between 300 Pounds and 10000 Pounds. The repayment term is between 12 months and 60 months and it starts after 1 month of completion of the course. The Representative APR is 9.9%.
The University of Bath helps its students to get student loans from a common place and central governments. The student loan help office of the university should be contacted to apply for the loan and they forward your applications to relevant authorities.
These are few of the top student loan lenders in the UK. You can also visit an Local accountant to take general financial advice on which company to be chosen for getting a student loan. They will surely help you in this task.