Student Loans: Unique Opportunity to Aspire for Education

Time is not good for the British students nowadays in their homeland

. Time is not good as they are to spend more to secure education from any institutions. Tuition fees have been raised already. The students have noticed that there is a rise in prices of everything associated with education. Student loans, against this spectrum, are now more than ever important to discuss.

According to the general norms of the financial market in United Kingdom, student loans are available in secured and unsecured forms. Student loan in secured form is advanced to the students who can produce documents in support of ownership of any tangible asset (a personal vehicle, a piece of land, a home etc for example). In secured form of student loans, tangible property of any kind is required to be used as collateral.

There is reason to believe that fewer students can avail of student loan in secured form. There are provisions which allow parents of the students to apply for education of their wards. This is what is known as parents student loans. Parents who have valuable possessions can go for the student loan in secured form. It is clear that greater amount of loan at lower rate of interest and at flexible tenure for repayment is available under this scheme.

Student loan can also be secured under unsecured form in which collateral is not required. Here, the rates of interest are higher, and the amount of loan is less. Students having lower credit score are also eligible for student loans.

Students can also secure student loan from the directorate of education. Students get the prescribed form from the office of the directorate of education. They are to submit some important information (for example, name, address, contact number, name of the institution in which the students have enrolled their name etc). The form must be forwarded by the head of the respective educational institution before they are submitted to the office of the directorate of education.

Students of United Kingdom who aspire for higher education, especially in the degree level and in the professional courses, can apply for student loans of special kinds. In such cases, they can secure an amount of 13000 at favorable rates of interest. They are to repay the loan amount when they secure a job after completion of studies.

Student Loans: Unique Opportunity to Aspire for Education

By: Harry Taker

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