Student Loans

Advantages: see text
Disadvantages: see text

...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...

vikstar 31.07.2001 · Read review
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Review of Local Education Authority Student Loan

Student Loan Company/System - My Nightmare

Advantages: They help to fund you through university
Disadvantages: Terrible service after you graduate, a terrible system

...I went to university in 1998. As I had moved many miles from home to go to university, I needed some money to help fund me through my university life. Taking out a student loan was very easy. As I recall, I just had to have a short interview and fill out an application form, and that was it - regular payments were made into my account each term. The student loan system seems to change quite regularly, but I am part of the scheme where as soon as I earn over £10,000 per annum, student loan repayments are taken out of my wages automatically each month by my employer at the time, and passed onto the Inland Revenue. The Inland Revenue then pass the payments onto the Student Loan Company at the end of the tax year. Quite a straightforward process, you might think...apparently not! I graduated in 2001, and I never had any need to...

cerysm 28.04.2004 · Read review
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Review of Student Loan Company

Student Loan Company

Advantages: Low interest repayments
Disadvantages: Gets you into debt before you get a degree

...When i first started University my local education authrotity sent me a lot of forms to fill out but were quite complicated. i am a mature student and cringed at the forms, so i passed them for my spouse to sort. When we got the letter back we were told we would not be considered for a student loan or for fees to be paid as our income was more than satisfactory. Now i have a occupational ill health retirement pension and this was causing the problem. My wife went to research the fact and found out that they could not include this in there incomes and expenditures. I had practically given up hope of going to university when i come home from college one day and my wife said i ve a suprise for you.... There was a letter of apology from the education department saying they had made a mistake and that we were entitled to the student...

studentpro 25.10.2003 · Read review
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Review of The Student Loans Company

Single Parent students

Advantages: Knowledge gained, wider range of employability.
Disadvantages: The money

...and in the summer recess the grant portion for your kids apparently carries on at £20 a week, I myself lived on £7.50 Income Support, being unable to work because of child care (would cost more than I would earn), because of losing even more Housing Benefit (would be counted as top-up income on my grant), and losing that important £7.50. And so to getting a job to pay off that debt, well I'm at a disadvantage with two kids anyway, but getting a graduate job at 28 is proving impossible! They obviosuly prefer those young whippersnappers! And then theres paying for childcare, earning over £10,000 means I have to start paying my loans back, paying rent, etc. Probably end up worse off! No wonder so many single parents stay on benefits! If the Government want us to get more education and work, they're gonna have to help out a bit more! P...

Emma1973 16.09.2001 · Read review
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Review of Student Loan Company

Student loans

Advantages: Low interst rate
Disadvantages: Your in debt!!

...I took out a student loan when starting my degree because their was no way that my parents could support me and my younger sister with the wages they were getting. First you have to be assessed by your Local Edcuation Authority and once they have done this, they tell you how much you are entitled to borrow. This amount depends on your income (if you have any) and your parents income. It also depends on whether you stay at home or move out. If you move out you are entitled to more. I stayed at home for my first year and the maximum I was entitled to was £2950 a year. This figure will vary from year to year. The interest on the loan is supposed to be in line with the rate of inflation and the Student Loans company (based in Scotland for some reason)start to ask you for repayments a year after you finish your degree. To be...

Alexis1 15.12.2000 · Read review
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Review of Local Education Authority Student Loan

The Student Loans Company

Advantages: Cheep Loans available
Disadvantages: Endless paperwork, unable to get through on the phone, EVER!

...I just thought I would write a quick review to tell you all about the Student Loans Company, I’ve had a rather unfortunate experience with them. And I thought I should warn students about this company as I know many will be applying in a month or so for loans of their own. The whole process is a long complicated matter, starting when you first want to take a loan, the company requires you to fill in a very long tedious form which asks everything from how much you have in your bank to what you have saved in your copper jar. You then have to wait for several months while they process your application and check your back ground, a word of advice to students needing a loan is to apply as soon as possible, preferably several months before they foresee themselves needing the money. I thought it was quite funny I was being sent...

sheff22 28.05.2001 · Read review
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Review of The Student Loans Company

Making the most of your student loan

Advantages: Survival I suppose
Disadvantages: Debt

...I am in my third year of a four year degree, and unfortunately I have had to take out a loan every year so far, and will also have to do so in my final year. Although I have taken out so many loans, it is not something I would recommend to anyone who can manage without one. Unfortunately, although my family are very supportive and would have helped me out with money if they could, it was just not possible. The money I have borrowed has admittedly not all gone on literal survival, I have taken a few holidays abroad and recently bought a car. This is one of the problems found by all students, that when the money is there, you spend it. If getting a loan really is necessary, I would suggest trying to make the money go as far as you can by investing it in a high interest account until you need it. It would perhaps be better to go...

NATI 09.03.2001 · Read review
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Review of Local Education Authority Student Loan

Student Loan Application Deadline Warning

Advantages: 99% of students need a student loan and you still have time
Disadvantages: 1 day to go till deadline

...This is a special warning for all those planning to go to university this autumn. If you have an excellent school like mine that don't care to inform you of things such as student loan application deadlines after they are sure you have a university place then you will probably need this! The deadline for your student loan application to arrive at your LEA - local education authority - is tomorrow - the 16th March. What if i haven't got a form? STEP 1: stop panicing! STEP 2: get off of ciao and get yourself to http://www.dfee.gov.uk/studentsupport/application2001 STEP 3: fill in the online form, instructions are provided on site. STEP 4: print it off. STEP 5: make sure it is sent 1st class by the last post today. If you fail to do this you run a huge risk of not getting any student loan for this year....

Kram_Eniarrol 15.03.2001 · Read review
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Review of Local Education Authority Student Loan

A Word from an ex Student!

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

...I would like to pass on some worldly advice to all those budding students out there. I graduated in 2003 and unfortunately at that point I was well and truly up to my eyeballs in debt. I worked throughout my three years at university and still felt I needed to get a student loan every year, and every year I took the maximum. I maxed out my overdraft facilities and took out a credit card too. Credit was thrown at me, despite the fact I was working minimum wage in the service industry and had no way of paying anything back. At the time I was very young and carefree, or is that foolish, I had no experience of budgeting for life in the real world. I genuinely thought that I needed that money to get by on. Also, the nice flowery way that your repayments are described to you, you think that it's not even going to make an impact...

LindsxDx 19.03.2007 · Read review
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Review of Student Loan Company

A student loan to take out

Advantages: Cheap loan, Convient in three instalment per year
Disadvantages: May work out more expensive than banks

...I have been a university student for three years now with this year being my third, and I have taken out a loan every time. I have not needed the loan for any reason, so I decided to invest in onto the stock exchange, which I have made a bit of money out of so far due to take overs, but it can be very risky. If you do have a Student Load, the best thing to do is invest it into a 5 year bond as the interest is about 4% more than anywhere else. This works out by the interest that is paid on the loan which this year is about 2½% and a interest account is about 7% in places. You will need to look around for places though. If you want to place money on the stock exchange, Airtours and Budgens are looking good for this year and next to invest your student loan into. Some banks do also give you about the same rate of interest and pay off...

christopherbrown 15.01.2001 (18.01.2001) · Read review
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Review of Local Education Authority Student Loan