... You are set an available sum each year by your Local Education Authority (LEA) and you can take however much you need up to the set amount.
The only thing that needs real consideration before a student loan is taken out, is the consequential repayments. I managed to notch up just under ... Read review
Advantages: Much needed financial aid Disadvantages: Consider repayments first
...sum each year by your Local Education Authority (LEA) and you can take however much you need up to the set amount.
The only thing that needs real consideration before a student loan is taken out, is the consequential repayments. I managed to notch up just under £7000 over three years. A thousand or two here and there soon mounts up and you have to be prepared to pay them back.
Repayment is usually over a 60 month period, ... ...it is easy to forget what you are borrowing and what it will cost you in the end. My loan will cost me about £120 per month over five years. It is a huge financial commitment, and you have to realise this before you apply.
However, since there is little else you can do to subsidise yourself at university, the Student Loans Co. give an excellent borrowing deal to students in need. They are a friendly and co-operative company based ... more
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 immediately earning over £13000 a year, payment can be deferred for as many years as it takes. It has to be noted that deferred sums are still subject to the yearly interest rate until you start repayment.
I really do not know what I would have done at university without the aid of the student loan and I would recommend them for their interest rates and availability to any prospective student. You are set an available sum each year by your Local Education Authority (LEA) and you can take however much you need up to the set amount.
The only thing that needs real consideration before a student loan is taken out, is the consequential repayments. I managed to notch up just under £7000 over three years. A thousand or two here and there soon mounts up and you have to be prepared to pay them back.
Repayment is usually over a 60 month period, depending on how much you borrow. When you're a student, it is easy to forget what you are borrowing and what it will cost you in the end. My loan will cost me about £120 per month over five years. It is a huge financial commitment, and you have to realise this before you apply.
However, since there is little else you can do to subsidise yourself at university, the Student Loans Co. give an excellent borrowing deal to students in need. They are a friendly and co-operative company based in Glasgow, providing much-needed financial aid to thousands of students throughout Britain. But if you don't fancy being funded by them and do not want any student debts, you can always give Chris Tarrant a ring...
Advantages: Very Low Interest, No requirement to pay back until earnings reach £16K/year Disadvantages: None that I can see
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 ... ...split.
The third category is for students (wherever they live) who live at home. The maximum loan of this size is around half of the loan (so the size depends again on whether they live in London or not) and enables home students to not be penalised regarding texts, going out and other expenses incurred
I have found the student loan an absolute necessity as despite my parents having put by what they could since I was born and having interest free ...
Boris 03.08.2001 (23.08.2001)
· Read full review
Ciao members have rated this review on average: very helpful Review of Local Education Authority Student Loan
Advantages: sraightforward, efficient Disadvantages: quite a lot of forms but all fairly simple
...is then sent to your Local Education Authority (LEA) and then a few weeks later your assessment comes through. This will tell you how much of the tuition fees you have to pay and also how much money you can borrow. It is means tested so the loan limit can vary from student to student.
When you decide how much you want to borrow you have to send the form back off (you get 3 of these) promptly as the LEA needs to get the cheque to your university. ... ...in your university!
One thing to remember about student loans is that you do not have to borrow ALL that you can - you can borrow just a couple of hundred or thousand - it's entirely up to you! Another thing: you do not get the full amount all at once. The first installment is in September, then January, then April. The reason for this is that you don't blow it all in one go! May seem stupid but it is for your own good!! Finally the interest: don't ...
Lisa4 27.03.2001
· Read full review
Ciao members have rated this review on average: very helpful Review of Local Education Authority Student Loan
Advantages: Give you money at a Low Interest Rate. Disadvantages: Leaves you in debt!
...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 parents’/partner’s income. Once a college place has been accepted, there is no guaranteed that any student can obtain a loan at the beginning ... ...This can lead to problems when paying for tuition fees, accommodation books and just the general day to day living expenses, like eating, clothing, heating etc. (It is important to remember that University fees must be paid before Christmas to avoid a 10% penalty).
The student loan is paid in three instalments. The first will be a cheque sent to university for collection, and can be picked up during Fresher’s Week. The following two instalments ...
wulise 07.07.2001
· Read full review
Ciao members have rated this review on average: very helpful Review of Local Education Authority Student Loan
Advantages: Cheap loan, means you can spend more time on studying and less earning cash Disadvantages: Have to pay it back eventually (hopefully)
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 ... ...This means that I can "make" a few extra quid just by having the money sat in a savings account. I've done something similar with my loan this year and will do the same in my final year.
The student loan is designed to help students get through university and, having been through university once, I know that any financial assistance is helpful. I can't really see any reason not to take out the full student loan. For me, the big advantage of the ...
adamdavid 26.03.2001
· Read full review
Ciao members have rated this review on average: very helpful Review of Local Education Authority Student Loan
Advantages: interest free money only rises with inflation, hardship top up if desperate Disadvantages: LEA assess amount so may not get much eg if living at home in comparison to living away
Since the dawn of time students have been skint. Lets face it, debt is part of the sacrifice you must make to further yourself a little, in addition to leaving home and moving to a whole new place all alone. The student loan is the most important part of the students new life. First for non-students, a quick overview on how the system works.
The Students Loan Company originally gave loans of up to around £3000 per year to students when the grants ... ...choose how much of that money they wanted to receive with an option of receiving the rest if they needed it in financial hardship. Now however the amount of student loans given out are assessed by a students LEA (Local Education Authority) depending on your parents' or your own financial situation (depending on your age there), and that is what you get. Since the abolishment of grants, the loan entitlement has increased by up to £1000. The loan is ...
judithritchie 13.03.2001
· Read full review
Ciao members have rated this review on average: very helpful Review of Local Education Authority Student Loan
Similar reviews »
Reviews which might be of interest for "Local Education Authority Student Loan"
Advantages: Instant money, Availability to lend every year. Disadvantages: The fact that there is interest on it, A fear of getting a loan because of this.
The StudentLoans Company in Scotland delivers their loans at a very decent rate to most of Britain and of course Northern Ireland. Any student taking up Degrees or almost any sort of Higher and further education is eligible.
Firstly, the process is simple to follow. When you have applied for higher education, the relative information will be passed between a number of places. When your LOCALEDUCATIONAUTHORITY (LEA) hears this, then you can become eligible for a studentloan. A non-income assessed application for a loan will usually amount to a smaller amount available, but a good amount nonetheless. If it is income assessed, you can be eligible for the maximum amount of 3888 pounds, or thereabouts.
The system is easy enough to follow, and once some correspondence has changed hands in the form of the application, you will ...
Similar products and search queries by other users »
Local Loan, Local Education Loan, Local Authority Loan, Local Student Loan, Local Education Authority Loan, Local Education Student Loan, Local Authority Student Loan, Local Education Authority Student Loan
Are you the manufacturer / provider of Local Education Authority Student Loan? Click here
