There are several reasons why you might need private students loans in the UK. You know, Schools fees generally are quite expensive. For you to be able to see yourself through primary, high school and even college you must have spent a fortune. For most persons, they won’t even bother going to college, simply because they cannot afford it. Instead of stopping your academic halfway, why not try getting a private student loan.
However, you may want to ask what private student loan is? I will give a reply to this question shortly. But first of all, I want to let you know that there are two types of student loans in the UK. The first is the federal student loan and the second is the private student loan.
A federal student loan is a type of student loan that is being given by the government. Going in back to the question, a private student loan is a type of load that is giving by private institutions or company such as banks, credit union or lenders.
Private Student Loans in the UK – How to access the loan.
Here, I will be highlighting some steps that will guide you in getting a private student loan in the UK precisely. You can’t just walk into any bank or to a credit union that you want to get a loan without having some requirement. I know the question on your mind now is what requirement? This question will take me to my next heading.
Requirements for getting a private student loan in the UK
These six points will qualify you to apply for a private student loan anywhere in the UK.
- You must be a UK citizen or a permanent resident.
- You must be of legal age as defined by your state of residence.
- You must show proof that you are enrolling to an eligible school.
- Your course must be in line with state education law regulations.
- You will need to provide information about your tuition and other fees.
- You will need to provide an estimate of the financial aid you want to receive.
- You will also need a creditworthy co-signer.
Let’s throw more light on why you need a co-signer. Some student doesn’t have proved of sufficient income or employment. Moreover, this will result in the fact that they will not be financially capable of paying back the loan. Private loans are paid even when the students are still in school. So, having a co-signer that is creditworthy is a plus. Your co-signer agrees to share the responsibility of repaying the loan if you are unable to pay. It is only for the requirement. Having looked at the requirement, let’s now look at the types of private student loan in the UK.
Types of private student loan available in the UK.
A private student loan in the UK comes in two types, especially on the kind of expenses you need to cover. They have tuition fee loans and maintenance loans.
- Tuition fee loans: A tuition fee loans are types of loan that is meant to cover only tuition and fees that a university charges you. And the payment is made directly to that university.
- Maintenance loans: A maintenance loan is a type of loan that is meant to cover only living expenses in UK.
Please note this: when applying for a private student loan in the United Kingdom, you have to be specific. Are you going for tuition fee loans or maintenance loans? Having discussed, the requirements that will make you eligible for a private student loan and the types of private student loans in the UK, let’s know look at steps to getting this student loan in U.K.
Steps to getting a private student loan in U.K
Getting a student loan in the UK is very easy when you follow these steps.
- The first step is that you already know your requirement and you have them.
- Be specific; know the type of loan you want. Is it the tuition fee loans or maintenance loans? I will leave you to answer that.
- Apply for the loan.
How to apply for a private loan in the UK.
How can you apply for the loan? I’m sure that question is ringing in your mind right now. You can apply for a loan in any private institutions or company such as banks, credit union or lenders that give student loans.
Lastly, I will say this. Getting a private student loan in the UK is stress-free if you can just follow the requirements and the steps. You are already on your way to having a loan. Always put this in mind, to request for a loan you can’t pay with the period giving to you to pay.