Unsecured Educational Loans

By: Aisha Cristal

Many of the students dream of acquiring a better qualification for the upliftment of their whole self. They prefer good universities shaping them up for their better future, but as the old saying goes, "All good things come at good prices." There's no doubt of the educational standards of UK, but acquiring it calls for a good money. For this, students belonging to low income families don't have to loose their heart. With plethora of loan lenders in UK market, their dream is bound to be fulfilled. And interestingly, you don't have to be a house owner either for taking up a student loan.

Under such circumstances, where you are a tenant or don't own a house, unsecured loans for students are the most viable options. Though the interest rate is higher in comparison to secured loans, its profoundly and widely opted for.

Eligibility Criteria:

1. Students who are prepared to follow the roads to college or universities are eligible to take up student loan.
2. Students need to be over and above 18 years of age.
3. Students belonging to families where earning are less than ?15, 580 are provided with government grants and aid in helping student learn and educate.
4. The amount for unsecured loans can vary from ?500 - ?25,000. Students can avail of it on yearly basis where it will be deposited into their bank account by the Student Loans Company(SLC).*

Paying - Off Procedure:

Students don't have to be petrified with the mention of repayments. They will not be bothered at all during the tenure of their studies. Till the time they are into education, they don't have to pay back. It is asked for only at the time when you take up a job upon leaving your college or university, and your earnings exceeding ?15, 000.

Though time has really changed with upcoming trend of loan market in UK, making things easier and handy, but if defaulted in repayment students can really land up in trouble as lenders can take them to the court and a CCJ (Country Court Judgment) may be issued against the student. So, one should analyze everything cautiously and judiciously while taking unsecured loans for a happy living.

*SLC is a UK public sector organization to provide loans and grants to over one million students on yearly basis.

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