Loans for students – being a student can help you get a great insight to managing your money and becoming a money savvy adult.
It is said that it can be hard for students financially going through university or college studying various subjects and making ends meet.
- Find loans for students
- Student loans lenders
- Student Finance Student Loans Lenders
- Anytime Student Finance Student Loans Online
- England Student Loan Application
- Northern Ireland Student Loan Application
- Scotland Student Loan Application
- Wales Student Loan Application
- Find Out About Student Loan Interest Rates
- Studied from 1998 to 2011, or if you are Scottish or Northern Irish student after 2012
- Studied from 1990-1997 in Higher Education
- For students currently studying or are recent graduates in England and Wales
- Use a Student Loan Calculator
- Student loan lenders
- Find Student Loan Repayment Calculator Information
- Repaying student loans
- Looking for a Student Loan?
- Student loan companies
- Get a Loan But Not a Student Loan
Find loans for students
Sometimes this may mean rather than going to the bank of mum and dad, being mature and dealing with your money matters responsibly.
Have a look at Short Term Loans that are available for Students on this website.
There are many loans for students that could be a great option.
The banners on this page will take you to the best student loans and options on the market.
The first choice for getting hold of money as a student is a student loan.
A student loan is designed for students to help with expenses like university fees, books and living costs.
It is different to other types of loans for students as it typically has lower interest rates and a better repayment schedules than other personal loans.
If however you are not making ‘ends meets’ with a student loan there are other options.
Student loans lenders
Loans for students could come in the form of a student specific bank account.
Student bank accounts offer favourable overdraft terms.
Such accounts can also offer you a student credit card as an option for additional borrowing.
Just be aware of what the rates are to borrow.
Another option may be personal loans for students.
Personal loans can be a great option if you are considering a purchase like a car or motorcycle.
Make sure however you shop around and you look in to the rates and what the monthly repayments will be.
Make sure you are able to afford the repayments for the length of the loan, otherwise it will have a huge impact on your future credit score and will leave an adverse record on your credit history for 6 years.
A guarantor loan could also be a great option as a loan for students.
This type of loan is when a family member or friend agrees to be named on the loan.
If you are unable to keep up to date with the repayments then the named person will then be liable for the debt.
Due to this being accepted for such a loan is very likely, especially if the named person has a good credit history.
Loans for students can come in the shape of a payday loan.
These loans are good for the short term between student loan payments.
These types of loans are not ideal for long term borrowing as they usually have very high interest rates and so should only be used for the short term.
The above options are great loans for students.
However make sure you choose wisely and insure you review all the costs involved when taking them out.
Be sure you keep up the repayments, as if you fall behind it may be detrimental to your credit score.
Something you do not want when just starting out in your career.
Student Finance Student Loans are sometimes hard to source, but hopefully we can introduce you to student friendly loans.
The problem being that the applicants normally have no full time job and therefore no substantial income, which is the first thing a Lender looks for.
A regular income shows a capacity to repay any loan advance.
Student Finance Student Loans Lenders
However, there are Student Finance Student Loans Lenders that access what your future income would be when you finish your course.
Find out more details by clicking on the links and banners that will take you to the relevant loan lender’s websites.
Sometimes urgent financial problems arise that you did not budget for and you just need to get cash quickly to solve the problem at hand.
Anytime Student Finance Student Loans Online
Perhaps you are just starting college and need to buy course things and need a hand with the money to buy these first.
Whatever your financial need, have a look around the website and see if there is anything that will help you today.
You can access this website 24 hours a day, every day to try to find a loan that suits your circumstances.
Click on the Menu link above to find the loan application pages you need.
There are always times when you need more money to see you though the week or the month, as there are always expenses that crop up unexpectedly.
There will be expenses and outlay related to your studies and you just have to get the items that are needed in order to function in class properly.
Family and friends can sometimes help out with expenses, but there is a limit on what you can ask other people to do for you.
Student loan application – The process for the loan application is influenced by when and where you plan to start your course.
Depending on which part of the country you resign in and study at will affect how you apply for student finance.
England Student Loan Application
If you are applying for finance through the Student Finance England you are now able to apply online.
The application process can usually take up to 6 weeks although there will be an initial assessment done so that you will have some finance for the start of your course.
Northern Ireland Student Loan Application
If you are applying for money through the Student Finance Northern Ireland for courses, you need to meet a deadline.
Currently you are only able to request a student loan application using a paper application form.
Send your completed student loan application form and make sure you include any required documentation, like proof of identity and household income with your application.
Scotland Student Loan Application
For those wanting to study in Scotland and that live in Scotland you can apply to the Student Awards Agency Scotland to apply for finance to cover the total of the university fees.
There is options however to apply for help for the likes of living costs and tuition fees for studying elsewhere in the UK.
The bursary and student loan that you would be eligible for depends on your household income, and your family status.
Applications can be sent through post or through the document upload service.
Wales Student Loan Application
For application of loans you need to apply through the Student Finance Wales.
They will help you get £3575 university fees loan and tuition grant for up to £5425.
You are able to apply for the student loan and grant online or by paper application by post.
If you apply online you simply need to register with Student Finance Wales.
Log in with your correct details and then submit your application.
Forward any required evidence, i.e. identity or household income.
Once you receive the Student Finance Online Declaration Form by post simply sign and return as soon as possible.
If you wish to apply by paper version contact Student Finance Wales to be sent one.
Student loan interest rates – Are you a current student at university or college?
Did you Graduate 5, 10, 15 or even 20 years ago?
Then you are likely to be one of the many individuals who have a student loan.
Have a look here if you need new Short Term Loans for Students.
Find Out About Student Loan Interest Rates
Student loans are a great option to help students pay for college or university fees and help cope with the additional living costs, especially if living away from home.
Student loan interest rates are lower than any other loan available, and so is a much viable option for students if they require funds to help them through education.
However depending on when and where you graduated will depend on your student loan interest rates and what rate you will be charged when you repay your loan.
There are 3 different student loan arrangements that will affect how much and when you will pay it back.
Studied from 1998 to 2011, or if you are Scottish or Northern Irish student after 2012
If you began university from 1998 to 2011 or were a Scottish or Northern Irish student after 2012 then you will be on an Income-contingent loan.
The loan interest rates on this type of loan are currently 0.9%.
Student loan interest rates are set each August and are either lower than the Bank of England base rate plus 1% or the rate of inflation.
Studied from 1990-1997 in Higher Education
If you started higher education between 1990 and 1997 then you are on the old style ‘mortgage’ type of student loan.
The student loan interest rates for this type of loan are also 0.9%.
This old style interest rate is set every September based on the Retail Prices Index rate.
For students currently studying or are recent graduates in England and Wales
For those who are currently studying or that are recent graduates that live in England and Wales and started higher education 2012 and later then the new style ‘income-contingent’ loan style is relevant.
Student loan interest rates for this circumstance are 3.9%, which is 2015 Retail Price Index plus 3%.
The interest rates are set in September every year and are affected by inflation.
Remember that if you are or were a Scottish or Northern Irish student the threshold before you start paying back your student loan is £17,335.
Any income over this figure you will pay interest of 0.9%.
If this does not apply to you, the threshold that will apply will be £21,000.
It’s also good to remember that whatever you haven’t paid back after 30 years after the date of graduating the debt will be totally written off.
Student loan calculator – We have all heard about the rising amount of debt students rack up over the life of their studying life.
Whether due to university fees, study related costs, i.e. books or living costs from being away from home, it all mounts up.
You need Short Term Loans for Students.
Use a Student Loan Calculator
This doesn’t just mean current students, there are many adults who graduated 20 years ago that are still paying off their student loans.
There is a loan calculator that you can find online that can help you calculate how much you have borrowed and how long it is likely to take you to pay off.
Although the student loan calculator is not completely accurate it does give you a rough figure of how much you have to pay, or left to pay and how long it will take to pay back.
This all depends on when you took the student loan out and what your annual income is.
Student loan lenders
The student calculator may ask what year you graduated and also what part of the country you studied.
Based on this information it may have a huge effect on what the student loan calculator works out for your circumstances.
If you were or are an English or Welsh student that started before the 1st September 2012, or a Scottish or student from Northern Ireland the threshold for when you start making repayments may be slightly different.
If the above is correct then when you earn over £17,335 you will be required to start paying back your student loan.
The student loan calculator will work out what you are required to pay back, at what cost and for how long.
When paying back your student loan you are required to pay back 9% of your income over the amount of £17,335.
So for example if you earned £23,335 you earned £6000 over the threshold and so you repay back 9% of this, which is £540.
Depending on how much you initially borrowed and your income this will affect how long and how much you pay back.
However if the above does not describe your circumstance then the following will apply.
If you studied September 2015 or later the soonest you will repay is the April after you finish your course.
You will only start making your student loan repayment until your annual income is over £21,000.
The student loan calculator would help you to work out how long it will take you to repay back.
So for example if you make over the £21,000 you will be charged the 9%.
For example if you earned £35,000, you will be required to pay back £1260 that year. The interest in this situation is inflation plus 3%.
The student loan calculator is a great tool to find out how much you will be required to pay back each year and how long it will take you.
Do remember if you have not paid off all your student loan within 30 years after you graduated this debt will then be written off.
Student loan repayment calculator – depending on when and where you graduated from will affect what your loan repayment details will be.
Find out more about Short Term Loans for Students.
Find Student Loan Repayment Calculator Information
If you are an English or Welsh student that started before the 1st September 2012 or a Scottish or student from Northern Ireland if you earn over £17,335 you will be required to start loan repayment.
This figure may change every year on the 6th April.
If the above describes your situation the soonest you will be required to start making your student loan repayment is the April after you finish your course.
However, this will only occur if your income is over £17,335.
If you do not earn over this amount or it drops below this amount you will not have to make any payments.
When making your student loan repayment you are required to pay back 9% of your income over the amount of £17,335.
So for example if you earned £23,335 you earn £6000 over and so you repay back 9% of this, which is £540.
Repaying student loans
The interest you pay on your student loan starts being added as soon as you get your first payment.
Currently this rate is 0.9%. If you are self employed the above still applies.
Whatever income you make over £17,335 you will pay back 9% of this.
However if the above does not describe your circumstance then the following is how you will make your student loan repayment.
If you are studying the earliest you will make your student loan repayment is April 2016.
If however you studied September 2015 or later the soonest you will repay is the April after you finish your course.
In these situations you will only start making your student loan repayment until your annual income is over £21,000.
Just like before, whatever income you make over the £21,000 will be charged the 9%.
No matter which of the above reflects your situation your repayments will be taken out of your salary, along with your regular tax and National Insurance.
If you are self employed, HM Revenue and Customs will calculate this for you at the same time you pay your tax by using the Student Loan Calculator.
Did you know if you don’t earn over £21,000 in the 30 years after you graduate you don’t need to pay a penny off your student loan, no matter how much you owe?
Looking for a Student Loan?
Short term loans for students are there to help students pay for tuition fees, study books and living expenses.
They are different from other loans as their interest rates are usually dramatically less than other loans.
Currently the threshold for student loans is £21,000.
This means if you earn less than £21,000 after you graduate, you do not need to repay back anything on your student loan.
However once you start earning over this amount you are required to pay back 9% of any income you earn over this figure.
This means if you earn £25,000 in a year, this is £4000 over the threshold. 9% of £4000 is £360 to repay that year.
If you earn £32,000 in a year, you are earning £11,000 over the threshold and so would be required to pay back £990 that year.
Do remember however until you are earning £21,000 and over you are not required to make any repayments.
If you do earn more than this, your payment will be taken out of your salary on a monthly basis to make repaying slightly easier to budget.
Student loan companies
Even once you are earning over this threshold the likelihood of paying the full amount of your debt off within 30 years after you graduate is very slim, but again in depends on how much you have borrowed and how much your potential earnings will be in the future.
Another key fact is that student loans does not appear on your credit file.
If you graduated after 1997 your loan will not appear on your credit history.
This means no matter the amount you are required to pay back, it will have no affect on your future borrowings, for the likes of a mortgage, as it will not affect your credit score.
However if you did graduate between 1990- 1997, then your loan will appear on your credit file and it will have an effect on future borrowings and so make sure you keep up with repayments or it might have a detrimental effect on your credit history.
Unlike some other loans there is no penalty in clearing the debt early.
It may be worth looking into whether it would be worth paying off early depending on how much you owe and how much your future earnings are likely to be.
Student loans are great for getting yourself through education, so no matter how much you owe you may never be in the position to repay it all back with Student Loan Repayment.
Get a Loan But Not a Student Loan
We have been covering the government student’s loan in this article, but if you are getting short of cash throughout your term of studies, there is nothing to stop you applying for a normal unsecured personal loan for a student!
You could well have “earnings” that will satisfy the loan companies we work with on this website. They just want to see that you can afford to pay the loan back again.
So, your income might be made up of part time jobs, regular money from your family, a trust fund or a valuable asset you could use to secure the loan. Some loan lenders also assess the course that you are on and anticipate your future earnings when you finish the course and are qualified as well.
Find out today if you can get approved for a new loan by getting an online decision in minutes.