subject: Guarantor Loans For Students [print this page] Guarantor Loans For Students Guarantor Loans For Students
Being a student can be tough, both in a work sense and a getting by on a little amount of money sense.It can also be a great experience as long as you can find the money to fund it. In the past, loans were abundant and even students could get credit with little or no income (or if they couldn't, their parents could). These loans combined with student loans normally offered were probably enough to get through university life. However times have changed and things are different. The goverment has recently announced that it will be trebeling tutition fees to dismay of the left wingers and students amongst us, coupled with this is the fact that credit is now very hard to get hold of unless you have an impecciable credit history. Don't fret though, help could be at hand.
Fairly recently introduced are credit products called guarantor loans. A Guarantor loan could allow a student to borrow up to 5000 at competitive interest rates and repay it at up to 5 years. This once again opens up the doors for students to fund their education. All a student needs to apply for one of these loans is a suitable homeowner guarantor (perhaps parents or close friends?). The guarantor needs to agree to back the loan application and make repayments should the student fail to make repayments. Ultimately this allows the student to get more money for their education and allows a parent or relative help with the funding in an alternative way to just giving sums of money to their children with little chance of prompt repayment.
Always make sure that product is right for you before applying and make sure you discuss the process with your guarantor before letting them sign up for the application. If you look around on the internet, you should find many guarantor products that may be suitable for you and your situation.
It's obviously useful to always bear in mind also, that there are student loans available which are at a lower interest and these should be used as a first port of call, until they are either used up or you can't get any more!
