Student Loans (Student Loans Co.)

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Product:	Student Loans Co.
Date:	30/04/01 (39 review reads)
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Advantages: Low interest rate

Disadvantages: You are in debt!!

I took out a student loan when starting my degree because there was no way that my parents could support me and my younger sister with the wages they were getting.

First you have to be assessed by your Local Edcuation Authority and once they have done this, they tell you how much you are entitled to borrow. This amount depends on your income (if you have any) and your parents income. It also depends on whether you stay at home or move out.
If you move out you are entitled to more. I stayed at home for my first year and the maximum I was entitled to was £2950 a year. This figure will vary from year to year.

The interest on the loan is supposed to be in line with the rate of inflation and the Student Loans company (based in Scotland for some reason)start to ask you for repayments a year after you finish your degree. To be honest I think there should still be grants for students but most people now have to take loans in addition to getting a part time job. The bad part is that many students don't budget their loan wisely (for obvious reasons!!) and end up with debts up to £15,000 by the end of their degree.

So unless your parents are stinking rich, I suggest that you take out a Student loan but spend it wisely and have a good time!! 

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