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Student Loans Explained

By Guest Author On May 22, 2011 Under Improve Your Life, Self Help Tips, Self Improvement, Setting Goals, Success Secrets

College education is very expensive, I think everyone would agree to that. In fact, the cost of education has skyrocketed in the past two years that people who dream of getting a college/uni degree in the hopes of a better future are now required to turn to student type loans.

If you search online, you will discover that there are a lot of lending companies which have branched into providing student loans. If you want to become a full-time college student and you want to avail of a student loan, you have to keep in mind that financial help is based on a number of factors including the course that you intend to take, your address and its proximity to the school where you want to enroll, and other personal circumstances.

If you look deeper, you will find there are different levels of student loan coverage and you can choose which among their list match your personal student needs. For example, some student loan providers can go as far as providing the student maintenance loans which he or she can use to cover for the cost of living expenses. Yes, there are scholarship grants that take care of the entire cost of the tuition fee plus the cost of living expenses yet it is quite difficult to avail of these scholarship grants and the next best option would be these student loans. There are even student loans extend assistance if an applicant has adult dependents or if he has any exact learning disabilities.

But generally, UK student loans covers these items: the full tuition fee plus a considerable amount of maintenance expenses and the regular tuition fee set up is that the loan will be paid at the start of each academic term. If the course that you choose falls on the eligibility list of a certain student loan provider, then you are entitled to almost 80% of the maximum loan whether you have a low-income or not.

Usually, the student loan gets paid automatically using the government tax system, which is a sure way to collect, and it only conveniently starts when the student has graduated and is now earning more than a specified amount, for the United Kingdom, the salary is pegged to be more than fifteen thousand pounds. Known as the ICR or Income Contingent Repayment, the repayment is computed prorated based on a fixed percentage to the gross income of the student loan grantee.

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