Most Undergraduates Need This (Student Loans Co.)

Member Name: darrenloud

Product:	Student Loans Co.
Date:	13/02/01 (51 review reads)
Rating:

Advantages: Paid back once you begin earning, not too compilcated to apply, really helps out financially

Disadvantages: Lots of paper work, has to be paid back eventually

If you are considering to begin a degree this year, you'll find you'll need a student loan to help you with living costs. This opinion will help out anyone choosing whether to do a degee or not (in financial terms).

Basically, everyone who is planning to study a HE course is entitled to apply for a student loan and everyone will get something from their LEA.

Part of the loan is not means tested (everyone who applies gets this) and part of it is means tested. If your income (or parents income part there of) is under £17,000 per annum you will get the full allowance, anymore than this will deducted your allowance proportionately.

The amount you get also depends whether you will be living by yourself, with parents or by yourself in London. I live with my mum and am not in London, and earn less than £17,000 a year and I will be getting just over £3000 per year, use this to help you to work out what your entitles too. By applying to your LEA for support you will also be applying for your tuition fees to be paid for too, killing two birds with one stone.

My advice is to apply for the loan in June/July time at the latest, that way you'll get what your allowed by the time you start.

Note: this is a lone and has to be paid back once you begin to earn over £10,000 per year, its not much and is a percentage of your income. It is paid through the inland revenue.

You get your loan in three insallments each year, the first one is paid by cheque (picked up when you start your course from your college or uni) and the following installments are paid by direct credit transfer to your bank account.

I hope this opinion will help you and has answered some of your questions on this topic, if I have left anything out, leave a comment for me and I will update this when necessary.

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