Student loans are not suitable for everyone. But, for me they're almost perfect. I am only about to embark on my second year of study at Hull University, but the system hasn't failed me at all.
To apply you must contact your local education authority (LEA) and they will send you the necessary forms. You should normally apply before the end of the academic year, if possible before that. If you miss the deadline which they give, there is absolutely no reason to worry. I only decided on results' day that I wanted to go to University and immediately contacted North Yorkshire Education Authority. They sent out the forms promptly and I filled them in and received a response within about a week. There is a possibility that your loan cheque may not arrive at your uni at the same time as everyone else's, but that wasn't the case for me. They were very professional and reliable.
The first instalment of the loan is by cheque. The last two are put directly into your account - you provide the details on one of the initial forms. Make sure that you do this correctly, or a hold up is inevitable. Everything needs to be accurate - the account holder name, sort code and account number.
Your loan can be means assessed if you choose to take that option. This means that they will take your parents'/guardians' earnings into account and then give you a certain amount based on their wages. The less your family earn, the more loan you get. Maximum means assessed loan is abuot £4100. Non-means assessed loans are about £2000. Anyone is able to get this amount.
Once you have finished university, you must pay back your loan - again the amount is related to your salary. If you earn less than £10,000 then you do not have to pay any back. Over this amount, you only pay a small amount of interest.
Ok, so that's the basics about student loans. In my experience, they are a necessary part of student life - surviving it that is! They pay for your accomodation, fees and everything else that you need. Occasionally, the loans arrive late, but that's understandable considering the amount of things that they have to process.
I hope this has helped you in some way.
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good op ;) i feel sometimes peeps moan too much about the realities of being a students. debt is no bad thing and peeps need to realise this
emma_fitzgerald 31.07.2001 21:35
I'm also about to enter my second year, and from my experience, your opinion is spot on!
RuthHolohan 31.07.2001 21:30
In fact the non means-assessed part of the loan is nearer £3,000 which only just covers my rent let alone fees, food and bills. Bloody Edinburgh, eh? Good job my parents pay my rent for me. An excellent op though, I've also found the system to work very well. Thanks, Ruth.
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.
eaglesas 22.09.2001 ·
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Jul 31st, 2001
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