Education is the right of every human being. But most people are unable to meet their dream of higher or secondary education as they do not have adequate finances. Student who aspires to study and succeed in life can apply for education loans. These advances are granted to them to ensure their dream education becomes a reality.
The students can approach the lender for financing various aspects of education. Such as; the books, the course fee, the computer charges and so on. Only the expenses related to education is financed.
The borrower can avail of these advances from either the government of private lenders. Most people opt for the government lending. The advance is granted at a cheaper rate as compared to the private lenders.
An advantage of these credits is the long repayment period. As the borrowers are students they are unable to repay the credit quickly. The borrower is generally granted a grace period of 6 months after he has completed his education. After this period ends he is required to repay the advance.
Only students who are permanent citizens of the UK can avail of these advances. The person applying for such credit has to be over 18 years of age. He is required to bring a co- signer along as guarantor.
Education loans sanctioned ranges from 1000- 25,000. These advances have to be repaid within 10 years. These loans are generally unsecured in nature. Thus, they are granted at a higher rate of interest. The student is given the option to repay the credit along with interest in one lump sum or he can pay the amount in small installments.
Education loans like all others can also be applied for online. The creditor does not have to meet with the borrower face to face. The entire transaction is carried out online. It saves the borrowers time as it omits the need for standing in line to avail of a loan.