How to Get Student Loans to Study in UK for International Students?

Filed in Loan by on November 26, 2020 0 Comments

Studying abroad is undoubtedly a great way to develop additional social, academic and language skills, while adding unparalleled depth to your university experience. Study overseas can improve your university years as well as ultimately give you a competitive edge when it comes to your job search as recruiters are looking for those who have actively used various ways to expand their experience.

While it is true that some people would prefer to explore the US, Canada, China and other countries. Studying in the UK offers a variety of unforgettable experiences. It is culturally diverse, welcoming and the best place to develop your English language skills.

The United Kingdom is home to many of the world’s top universities and is the best destination for international students looking to improve their English and take advantage of the interesting and creative courses offered across the UK.

Many international students travel UK for their graduate studies so that they can receive a better education than they might have at home. But as college costs continue to skyrocket, most students find it nearly impossible to pay for their education without financial aid. For that reason, student loans have become increasingly common.

When Is a Student Loan Necessary?

Sometimes when studying in a foreign country, even if you have probably calculated an approximate budget for your expenses during your stay at school, there may be other expenses that can take the form of:

  • Travel expenses
  • Insurance
  • Cost of books/laboratory fee
  • Library/Examination fee
  • Buying a new laptop
  • Student field trips etc.

These unforeseen expenses can put a strain on your financial budget and if you do not have any other source of income in the form of bursaries, scholarships or part-time jobs, you may need to apply for a loan.

What Is a Student Loan?

A student loan is money borrowed from the government or a private lender such as a bank or financial institution, or from other organizations to pay for college education. The loan must be repaid later, with interest accumulating over time. The money can generally be used for tuition, accommodation, books, or other costs. Student loans are different from scholarships and grants which don’t have to be paid back.

How to Get Student Loans to Study in UK

While the country encourages international students looking to come into their country, there is no means for financial aid through loans for international students. However, students may approach private banks to see if there is a package that may be arranged for them.

How to Choose the Best Student Loans in UK?

Choosing the right student loan can make a big difference when it comes to paying off your college debt. If you’re not sure what type of loan to choose, try one that offers a low interest rate, multiple repayment options, and borrower protection.

What You Would Need to Get a Student Loan?

Requirements for student loans depend largely on which bank you are obtaining your loan from. The general requirements include;

  • Admission letter
  • Transcripts and Test results (IELTS, TOFEL)
  • Valid ID card
  • Signature Proof
  • Salary slip(of either parent)
  • Statement of accounts (3-6months)
  • Completed application form with signature
  • Passport size photographs
  • Valid Visa and Passport (for international students )

Is there a Minimum Amount?

The minimum or maximum amount that you may be entitled to depend solely on the bank which you have approached for a loan with interest rates and repayment plans also varying on the financial institution.

Benefits of Getting a Student Loan?

We took a look at some of the most common reasons so many people now consider a student loan to help them through university.

1. Great rates

Government student loans have low interest rates and you don’t pay back until you’re earning a certain amount. Similarly, with a private loan, you benefit from lower, capped repayments in study.

2. Chunky tuition fees

Course costs have increased dramatically in recent years and it’s highly likely you’ll need to take a loan – government or private – to afford you annual fees.

3. Living expenses

The costs of living for three years or more can soon mount up, especially if you’re studying in one of the big nations, like United Kingdom. A maintenance loan from the government or private student loans can help give you a decent standard of living.

4. Peace of mind

Instead of worrying about next month’s rent, a good student loan can help give you a sensible long-term finance so you can stay relaxed, energized and focused on your studies.

5. Invest in the best

Higher education is increasingly seen as an investment in your future. Why should you deprive yourself of the life and career you really want because you don’t have the money to pay for it right now? A smart, flexible student loan can help you realize your potential and achieve your goals.

Final Take

Before applying for a loan, I would advise you to discuss various financing options with your supervisor or university before leaving your country. You can also look for scholarship opportunities in your country or at your university.

Want more content like this? Enter your email address to subscribe for regular updates and notifications of new posts by email.

Tags: , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *