Student Loans For International Students

Student Loans For International Students
You will rarely, if ever, find a government who doesn’t want as many of their citizens as possible to attend universities and gain the highest level of education they can. Unfortunately their attitude towards tuition fees don’t reflect their opinions about education! The UK has just introduced new regulations in reaction to the public spending cuts which have allowed universities to increase the currently reasonable tuitions fees by as much as four times their current level, up to a maximum of £9,000 per year. This has made it even harder for individuals coming from abroad to afford to do so, particularly without some sort of financial support. One of the most popular forms of financial support comes from student loans, which is common practice for students from the UK.
In the UK, the Student Loans Company (SLC) is the government department that provides loans to any student from the UK who has gained a place on a full-time course which is guaranteed to cover your tuition fees as well as provide you with an additional sum to maintain their living in the UK which would be spent on rent and other living expenses. This would vary depending on certain factors such as your family’s income but even the minimum amount you receive should pay most if not all of your rent for the year. International students can borrow from the Student Loans Company and will be offered a very low rate of interest that is associated with these government loans.

Whilst all students studying in UK are eligible to get international student loan. You have to get one co-signer who will take the whole responsibility of your loan. As students are non-employed so the requirements are less here but you do need to show you approved college application form to the lender.

You can also get external companies who offer loans to international students which whilst accompanied by higher interest rates, will often provide you with more money to pay both your living expenses and your tuition fees. The entirety of your tuition fees will probably be covered by any lender and if you get the right lender then they will also provide you with enough financial support to cover the living expenses abroad. Loan providers are often more lenient when it comes to both the interest rates and the required repayment schedules when it comes to international students but this will still be more than the Student Loans Company would offer so this should always be the first choice. You will usually have a minimum of 3-5 years in which to repay your loan after you finish your studies with an independent loan company but through the Student Loans Company you will pay only a small amount each month, as little as £15-20 per month and even that only starts when you are earning over £15,000 per annum. So it is definitely worth trying the Student Loan Centre as your first option and only if that fails should you approach an independent firm.

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