| If you are about to start University,
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| | You can also pay back more than this if
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| then it pays to know about the student
| |
| | you wish, by sending money to the
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| loan process. Most students take out some
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| | appropriate authority.
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| form of student loan during their study
| |
| | What is the interest?
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| to help them pay for their fees and
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| | The interest on student loans is
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| living expenses. If you are unsure about
| |
| | subsidised by the Government, and so you
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| how student loans work, then this guide
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| | only pay back the same amount that you
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| will be able to help you.
| |
| | borrowed, adjusted for inflation. However
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| How are loans paid?
| |
| | long it takes you to pay back the loan,
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| Student loans are paid in three
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| | you will only pay back the same amount in
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| instalments each year, usually once each
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| | real terms that you borrowed.
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| term. The first payment is usually made
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| | What are the advantages of taking out a
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| by cheque, and then after that payments
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| | loan?
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| will go straight into your bank account.
| |
| | The advantages of taking out a loan are
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| How much can I receive?
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| | that you have money in order to pay for
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| The amount you will receive depends on
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| | your living costs whilst at University,
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| where in the country you are going to
| |
| | meaning that you can concentrate on your
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| attend University, as well as the
| |
| | studies rather than having to work to
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| financial status of you and your family.
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| | earn money. This will help you to achieve
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| You can opt to get a fixed amount per
| |
| | better grades and give you more free
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| year, or you can be income assessed and
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| | time. Also, taking out an interest free
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| the maximum amount you can receive will
| |
| | loan is better than getting into debt on
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| be determined. You can take as little or
| |
| | high interest credit cards. These debts
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| as much of this amount as you want. On
| |
| | are more serious and have to be paid back
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| average the amount you can receive ranges
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| | or they will keep increasing.
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| from £1,500 to £4,500 each year,
| |
| | Are there any disadvantages?
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| depending on your financial status.
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| | Obviously, the major disadvantage of
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| How do I pay back the loan?
| |
| | taking out student loans is that you will
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| After you have finished University, you
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| | come out of University with a large
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| will begin paying back the loan.
| |
| | amount of debt. This can seem troubling
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| Repayments will start from the April
| |
| | at first, but you should remember that
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| after you graduate, although you only
| |
| | most students have the same problem, and
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| need to repay money after you start
| |
| | because you are not paying interest the
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| earning above £15,000 per year,
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| | debt is not going to rise. You should
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| calculated on a monthly basis. The amount
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| | think of the student loans as an
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| you pay back will be taken out of your
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| | investment in your future that will help
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| wages just like tax, at a sliding rate.
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| | you to achieve your career goals.
|
