Personal Loans

How to get Qualified for a Student Loan?

Student Loans

The idea of ‘strapped for cash’ students is becoming even more prevalent nowadays. Going to college has never been more expensive than it is today and thousands of students across the UK are striving to make ends meet while studying.

In many cases, government tuition and student maintenance loans simply aren’t enough. If you’re at university in the UK, student loans from private lenders may be able to help you to support yourself through your course.

Here is a Guide to Get Qualified for a Student Loan.

If you are uncertain whether you can apply for student finance or not- then the eligibility principles for each of the UK’s four lands – England, Scotland, Wales, and Northern Ireland that will help you qualify for a student loan.

Basic Eligibility Criteria Include:

1. The university or college you are applying for

Your university performs a major role in the loan amount you receive as a student loan from the online lenders. The university should be either a publicly-funded UK university or a private institution. Also, it should offer a qualifying course. The lender directly provides the loan to the university, and the borrower doesn’t get the loan amount in his bank account.

2. The course you opt for

The course you opt for must be a ‘verified’ course. The following types of courses are eligible for short-term loans for students.

First degree

Certificate of Higher Education

Diploma of Higher Education

Foundation degree

Postgrad Certificate of Education (PGCE/PGDE in Scotland)

Initial Teacher Training (ITT/ITE)

Higher National Certificate (HNC)

Higher National Diploma (HND)

Integrated Master’s degree

If you are uncertain whether your course is eligible, review with your college or get help from your student finance body.

3. Your age

Your age may decide whether you can apply for certain student loans or not. However, for tuition fee loans or grants- the borrower should be above 18 years. But to get a maintenance loan, you must be under the age of 60 years on the first day of the initial academic year of your course.

Some student loans have a short grace duration, allowing you to submit payments until after you finish college. Other student loans require repayment instantly after the funds are financed.

4. Your residency status

Where you normally live settles which nation you apply to for a student loan. There are three chief components to the general residency eligibility. Whichever of the UK’s four nations you apply to for student finance, you:

  1. You must ordinarily live in these nations- England, Wales, Scotland or Northern Ireland.
  2. You must have been living in the UK for three years up to when you start your course.
  3. You must be a UK national citizen.
  4. You should have a bank account in your name.

If you have been tentatively abroad, or away with the UK Armed Forces, you are still eligible for the loan.

However, if you don’t meet the general residence criteria above, there are some situations where you may still be able to apply for student loans in the UK.