We all know how expensive being a student has become these days so we have tried to put together a list of great value, low cost loans that will help students with their finances.
As a student you might be looking for a loan to pay your tuitions fees, or you maybe looking for a student consolidation loan to help you get all your bills and debts in one place.
Obviously, if you’re an eligible student doing a full-time higher education course, you can take out a Tuition Fee Loan to cover your tuition fees and a Maintenance Loan to help with accommodation and other living costs.
Lots of institutions offer loans. There are some basic things you need to look out for when comparing different loan products and this will help you work out the cost of each one and choose the right loan for you.
Loans are generally issued by banks and other financial companies allowing you to borrow a given amount of money, which you have to then pay back over an agreed period of time in fixed instalments
With any loan you'll pay back a total amount which includes the original amount you borrow plus interest and charges. The Annual Percentage Rate (APR) is a standardised way of showing you the costs of borrowing, annually, so you can work out which option is right for you.
If the loan you choose has a fixed interest rate, the amount you pay each month will stay the same whereas with a variable rate the monthly payments could change and either go up or down. Down is good, Up is bad !
Whether it be a student consolidation loan or any other type of loan, once approved the money can reach your account, or be delivered to your door as cash as quick as 1 day.
Most loans will often take 1 week to reach you however.
The Student Loans Company (SLC) is a UK public sector organisation established to provide financial services, in terms of loans and grants, to over one million students annually, in colleges and universities across the four education systems of England, Northern Ireland, Scotland and Wales, but they may not be offering you the best rates so its always worth checking rather than just taking what is offered to you because its "convenient" or "easier".
Take the time, and check out several different loan companies, after all once you have signed up you will be tied into the deal for several years.
Once finding a suitable student loan, the obvious thing to do is apply for it !