How to get a study loan in the UK

 

 

The UK is one of the best places you can get a quality education in the world. But then, you must be ready to make exorbitant payments. It's worth it though. For people who have little or no funds but have a strong desire to study in the UK, there are many options to sponsor your study and living expenses over there.

 One of them is a study loan. This is a way of providing funds for eligible International students to fund the cost of study and living expenses in the UK. Study loans in the UK can come from two different sources: Federal or private study loans.

 

Federal Student Loans

These are big loans that you can use to pay your tuition fee and living costs. They’re called federal as they're a part of the government student loan programs and come with low-interest rates. They are a great option if your scholarship or grant is not sufficient to cover the expenses. Federal loans are also given to students who can’t get a scholarship or grant and need extra financial support for studying in the UK.

 

Private Student Loan

These are loans from private sources that you can use to pay for your tuition fee or living costs. They’re not given by the government so they have higher interest rates and some of them may also require a co-signer since international students usually don’t have a credit history. There are different sources for private loans and work-study programs that can be part of your financial aid package.

 

Here are the necessary steps that you must follow to apply for a study loan in the UK:

 1. Research:

The first thing you need to do is research the types of financial aid/international student loans available for you. This will help you find scholarships and federal loans that match your personal qualities or interests. It will also help you estimate how much money you’ll need to pay for tuition, living costs, and other expenses.

2. Compare

List down the best options that you found after researching. It’s important to compare different aid options and their eligibility criteria before applying for any. You should also check the university website or contact them directly if you need more information.

3. Read the documents

Read the documents of your chosen options carefully. They usually have eligibility criteria so you need to meet them to get approved for any federal or private loans or scholarships. You should also check the application dates and deadlines since it’s important to be on time when applying, especially if a deadline is closing soon!

 4. Apply

Apply as soon as possible so you don’t miss any important deadlines. The sooner you apply the better chances of getting approved! You can also boost your chance by writing a compelling cover letter and resume that highlights your achievements and skills to impress potential sponsors or donors.

 Lastly, keep an open-mindedness in this process and do not be discouraged. There are opportunities for you. You just need the right information to get access to them.

Source: International Students Team