Local Education Authority Student Loan

Students struggle financially. Full stop. Rent, bills, food, medicine are amongst the basic needs and a part-time job isn't going to support everything. The Labour government took grants away in 1998 and the only available source of help is in the form of the Student Loans Co. which is now means tested as well. The average loan is anything between £1000 - £4000 per year and the interest rate is a marginal 3% a year. When you start to pay them off after university, no more interest is charged. A scheme of monthly payments over a certain amount of years is arranged, although if you are not ... more

The first big step I have taken in life so far was deciding to go to university. It can be a daunting experience but one that should be relished. I know you are buried in prospectuses and universities are all saying "come to us - we're the best by far" so finance should be the last thing you need to worry about! Most students nowadays need to take out student loans - for many (including me!) it's the only way of actually going to university. When I applied for my student loan I thought "oh no i'm getting into so much debt - how will I cope?", but the way I have come to see it is as an ... more

As a student entering my second year at Imperial College, London I need all the money I can to fight the poverty brought on by astronomical house prices in our fair nation's capital at the moment. I chose to take out as much loan as I could, the maximum loan for this year in London is worth around £4700 with all London students entitled to 75% of that amount. The remaining 25% depends on the income of your parents or guardian. Outside London the current maximum amount is around £3500 with the same 75:25 split. The third category is for students (wherever they live) who live at home. The ... more

Being a student in the UK is another word for being skint. I mean having no money! I have two years worth of loans owing, at at present and I am not paying them back as I am on a low income. I have hurt my back so am unable to persue my choosen career in the field of dance. Tuition fees are totally separate from the Local Education Authority. Forms can bee obtained from the Local Education Authority and posted early but no money can be obtained until the course commences. It also allows the government agencies to calculate how many fees are required, as they are means tested, based on ... more

I applied for my student loan a month before my end of year exams and I had a cheque waiting for me at the university about five days later. I was amazed at how quickly they dealt with my application. I took out a loan because the interest rate is low and you pay it back when you are earning a reasonable amount (about £800 a month) and the repayments are made via the inland revenue. At the moment the interest rate is 2.1% APR so I took out my loan to put in a high interest savings account (6.5% APR) This means that I can "make" a few extra quid just by having the money sat in a savings account ... more