In the era of ever increasing costs, higher studies have also become costly and are increasing day by day. Student loan UK is there to assure that it is the talent and willingness of an individual to excel, that shapes the future of student and not the financial condition. These loans are available in various formats like direct student loans, guaranteed student loan, and federal parents' loans. Student loan UK can be availed as both secured and unsecured loan. Secured loan will necessitate you to pledge some collateral and bring down the interest rate subsequently whereas unsecured loans are free from any necessity of collateral.
Student loan: formats
Direct student loan is available from the institutes you are studying and repayment for these loans start after 6 to 9 months of the completion of course.
This format of loan has lowest interest rate.
Second format of student loan is guaranteed loan with which lower interest rate can be availed. One can get some subsidy from government over these loans depending on the financial status of student. With unsubsidized guaranteed loan you have to pay interest during course of study.
Finally there is federal parents' loan and lenders offering these loans have not much to do with the income of student, rather it is parents' income they take into consideration. Interest rate of this student loan is less than 9%.
Student loan UK: advantages
Student loans are meant to cover all the expenditures related to studies covering tuition fees, hostel charges, books, and most of other basic requirements of students. These loans are available even to people with bad credit history. Also, interest rates with these loans are considerably less when compared to other loans. Then, its repayment begins after you have completed the course and that keeps you away from tension of repayment when you are studying.
Student loan UK: application
One can get the loan by applying for it online or by interacting with the lenders personally. Before agreeing on a particular loan offer, look into offers of different lenders and as there are government student loans also available, you should find out the best one for you and then go for it.
