What You Need to Know About Student Financing
In 2020/2021 alone, there were 2.66 million students in the UK, which comes as no surprise as the UK has numerous high-quality academic institutions.
Unfortunately, studies in the UK are expensive, to say the least – a problem for most enthusiastic students. However, there are many ways to solve this issue. Student financing is the most effective and common option.
Continue reading to discover everything you need to know about student loans.
Government and Private Loans
If you want to take a student loan, you can ask for help from the SLC (Student Loans Company) or a private loan provider. The SLC is a non-profit government-owned organization that specifically provides loans to students. On the other hand, a private loan is issued by a bank.
Tuition Fee and Maintenance Loans
Most students decide to apply to the SLC first. You can either apply for a tuition fee loan or a maintenance loan. The first covers the cost of your academic courses, while the second covers the cost of living, food, and study materials. The tuition fee loan transfers money directly to the institution, while the maintenance loan gives the money to you.
You must choose an academic program before applying for a loan. But you can apply for a loan up to 9 months after your studies begin. Keep in mind that the application review process can last from 6 to 8 weeks, and the money doesn’t arrive immediately.
How Much Money To Expect?
Many students don’t know how much financing to expect after applying for a loan. The truth is, there is no straightforward answer. The amount will depend on multiple factors, such as your parents’ income, your home’s location, the type of program you are applying to, etc.
To learn about your situation specifically, contact an SLC employee. It’s possible that you might even be suitable for a higher level of funding.
Strategies for Faster Loan Repayment
Many young adults have benefited from student financing, however, many have also gotten stuck in the repayment process. Start saving up early on to make sure your studies run smoothly and with ease, as it’s the best way to ensure faster loan repayment.
Here are some ideas for reducing the cost of your student life:
- Work part-time or during the summer
- Find charity grants, scholarships, and bursaries
- Use your student discounts wisely
- Put extra money on the side
- Choose a home-cooked meal over dining outside
Another way to save up is by choosing affordable, reliable, and student-friendly housing. It’s very different to have to pay a £1500 electrical bill or not pay any utility bills. You will especially notice the differences in the long run.
If you are looking for safe and affordable student accommodation, Central London is a great spot! If it’s your first time looking for housing, ask for help from a more experienced friend or family member.
Stay at LHA London
When you are studying far away from home, it’s important to have a place where you feel safe and cosy, and LHA London is the perfect spot! With 80 years of providing affordable housing for young adults, we are the best choice for student accommodation.
Not only do we offer affordable stays, but we also cover all the bills, offer special discounts and awards, and require low deposits. Our 14 hostels spread across London are safe, clean, secure, and a great spot for meeting fellow students.
Contact us today to learn how LHA London can help you focus on the important things and thrive during your studies!