If there is one thing that encourages more students to pursue overseas education, it is the belief that they have student loans and financial aid. Student loans provide incredible support to students and a sense of confidence that their future is in safe hands. They will be able to take the next step in their education with the belief that they need not worry about their finances.
Getting to study in the United Kingdom is an opportunity that you cannot afford to miss. As great as it is to study in the UK, we may also have to address the fact that some students might find it an expensive affair. And putting all of your savings into your study-abroad journey may not be the wise thing to do. There are a lot of ways by which a student can make themselves eligible for a student loan to study in the UK, and if you're new to the process of applying for a student loan, the crucial information that's coming up is going to be particularly useful for you!
Eligibility Criteria to Apply Student Loan for the UK
Supporting a student's education financially can open an array of opportunities, giving them a sense of hope that they need not worry about their future being at stake. Student loans are such opportunities for students to gain the education that they desire and hence create a strong foundation for a promising career. Applying for a student loan to study in the UK is not that hard after all. If you are an international student who is figuring out ways to apply for a UK student loan, here are some of the eligibility criteria that you need to satisfy:
- A thoroughly filled out loan application form
- Proof of identity
- Proof of address
- Proof of income
- University admission letter
- Passport size photographs
- High school grade certificates
- Proof of migration
- Bank statement
You can check with your nearby banks to see what kind of student loan offers they have for you.
While in the process of applying for an education loan, you must ensure that the money you're spending on your education is worth it. And only a top university can guarantee that this happens. The United Kingdom is known for having some of the best universities worldwide and to help you choose the best of the lot, check out AECC Global's Course Search.
Steps to Apply for Student Loan
Some of the financial institutions these days are letting students apply for an education loan to study in the UK even without any collateral proof. The process of applying for a student loan involves its own procedure and a set of steps that you need to be aware of.
- Along with your loan application form, you will be asked to submit some of your important documents and ID proof that make you eligible for a student loan.
- Once you are done submitting your student loan application form, your profile will be verified by the bank along with the other documents which you have submitted. After this, someone from the bank will contact you to discuss with you your documents and proofs.
- The bank will then check the loan amount that you are eligible to receive. If it exceeds the maximum amount, you may be asked to submit proof of your collateral ensuring that you will be able to repay the loan.
- The bank will expect a person to guarantee on behalf of you that you will be able to repay the loan on time and without any hassles. Based on this, they may accept or deny your loan application.
- Once all of the formalities are completed, the bank will directly pay the respective college or university your tuition fees.
There are options for you to apply for an education loan online as well. Check with your bank regarding this and get the necessary details before sending your application.
Quick Read: Top 5 UK Universities with Low Tuition Fees
Why Opt For a Student Loan to Study in the UK?
It's always good to know that someone has got our back, right? To support us during our time of need and give us hope in humanity. To ensure that we're not all alone. Support systems are a must in everyone's life and student loans are such support systems that every student deserves to make it big in life.
The United Kingdom is undoubtedly one of the dreamiest study destinations among international students. If you have got an opportunity to study there the very first question that will come to your mind is if you have enough money for your tuition fees and to manage other expenses that come up. A student loan will ensure that your education expenses are taken care of so that you can plan out the other expenses and meet your financial needs without any difficulties.
UK Student Loan Repayment Method
The bank that you are approaching for an education loan will be having a flexible repayment option for you. And this repayment plan may vary according to your bank. Each bank will have a different interest rate depending on the duration of the repayment option. Students who wish to extend their repayment plan can check with their bank and ensure that they are able to adhere to the extended repayment duration.
Shaping your future with a study-abroad program is a great way to ensure that your future is in place. For international students who may find the cost of education on the higher side, education loans can come as one of the safest options to back them up financially.
Most of the top universities in the UK offer courses at very affordable tuition fees and international students have a lot of scholarship opportunities as well, depending on their requirements.
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FAQ's:
1. Am I eligible for a UK student loan as a Thai student?
Yes. Every student can get the necessary financial support based on their requirements. You can check for your loan eligibility with your nearby bank and ensure that your financial needs as a student are met.
2. Does the interest rate for an education loan differ for each student?
The interest rate for your education loan depends on the capital loan amount. You have to ensure that you repay the loan on time to avoid higher interest.
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