I'm a historic member of ciao with a few reviews to my name and I haven't left yet, like many of the...
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Member since:07.01.2001
Reviews:65
Members who trust:32
The Student Loans 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 LOCAL EDUCATION AUTHORITY (LEA) hears this, then you can become eligible for a student loan. 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 find that on starting your course or thereabouts you will have the first cheque for your money. The money will arrive termly, in order to help you budget.
Next, sure, it's not strictly related to the SLC, however, budgeting is highly important. You MUST work out how much you'll spend on things, whilst calculating your complete finances, and course expenditure etc. When this is done, trust me you can breathe a sigh of relief. It's almost as if a weight is lifted, as you'll know how much to spend on what.
Next, don't be put off by the fact that there IS interest charged. It only follows the rate of inflation, which means currently it rests at about 2.6% per annum. This is not bad at all, and certainly the cheapest rates of any loan available.
Lastly, what to do with your loan. I would recommend, if you can at all, putting some into some form of saving account, even if just £50 of your money. This way, you will be getting savings for the future, which is certainly a nice little thing. When money from extra sources comes in, you can even put that away, increasing your money for a rainy day, or even for that first "banger" of a car, when you're older.
So, I guess that's it for now. Don't be put off getting one, go for it if you think you need it, and if you're really sure you don't need it, then perhaps think about getting one to start a trust fund or savings account with, as the interest it will accrue will be more than the amount which will be placed on the money.
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Sorry to only give this an H, but I just didn't think it wa quite up to VH - specaily as you don't talk about the repayment process, which is, after all, a fairly major factor in the whole thing!
eljimbob 17.10.2001 22:30
There helpline was no use to me, sent me all over the uni looking for my cheque, in the end they had sent it to the wrong campus (20 miles away!), a helpful uni soon got it to me, which could not be said for the info received on the telephone, although the actual process was fairly harmless (on the wallet amongst other things). A superb op :) James
Advantages: Easy money, financial support when you can't really support yourself Disadvantages: Interest really mounts up, repayments swallow up payments for things that you should be considering after uni i.e. nice house, decent holidays
LindsxDx 19.03.2007 (19.03.2007)
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Ciao members have rated this review on average: very helpful
Review of Student Loan Company
Advantages: The cheapest form of credit you can get (except for your parents), repayments only start once you earn £10k+ Disadvantages: Ultimately it is still a loan, and it does need repaying, also the forms are a pain - but it's the best you can get, and a degree is worth it
Advantages: The cheapest form of credit you can get (except for your parents), repayments only start once you earn £10k+ Disadvantages: Ultimately it is still a loan, and it does need repaying, also the forms are a pain - but it's the best you can get, and a degree is worth it
Advantages: A student loan works in the same way as a loan with the advantage of lower interest rates- fluctuating with inflation rates. By and large a loan is easily obtainable as all students qualify for one. Disadvantages: The main and most annoying disadvantage is the amount of paperwork required to apply for a loan and the time it takes for the innefficient LEAS to go through them.
Sep 22nd, 2001
very helpful by (92%):
helpful by (8%):
