Personal Student Loans - Shape Your Future Smartly

By: Jennifer Morva

Introduction

Covering up the finances of your higher education does not mean just paying of the tuition fess and the hostel charges. During the student life, a student has to pay all sorts of bills and living expenses and overheads are always there. If not financed properly, the less privileged people may have to let go their dreams of a bright and educated future. Personal student loans come to your rescue at this stage.

Contrary to the general notion that the personal and student loans are strictly secured types of loans, personal student loans are available as unsecured loans as well. However, the interest rates they bear may be slightly higher than the secured ones.

Availability

If you can access the internet, searching online is the best option to look out for the personal student loans. There are a number of moneylenders in the market always willing to go an extra step ahead to finance your expenses in the student life with personal student loans. You just need to check their websites and fill in the application form and apply for these loans.

Utilization of the money

You can use personal student loans to finance all your educational expenses like tuition fees, library charges, examination fees, book charges, computer costs etc. You can also channelize it to pay the bills for meeting living costs like hostel fees, transportation, and numerous sundry items.

General statistics

Any UK citizen of an age greater than 18 can apply for these loans. It is always better if a person with good credit history becomes the co-signer of the deal. The interest rates for secured personal student loans are very low. However with unsecured loans, it may be placed a little higher. The interest rates typically vary between 7% - 15%. The repayment term for these loans can also vary from 3 to 25 years. Hence personal student loans are suitable for all people.

Student Loans
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