How to Get a Student Loan in 2018
Are you willing to continue study in 2018 but don’t have sufficient funds to fulfill your dreams? You may want to consider these student loan options in the UK, EU and the US. Following is a short guide to student loan options in different countries.
College and university education can be very expensive, especially if you can only rely on yourself and don’t have enough funds to cover tuition. There are several ways you may get funding for your college or university education. According to these NUS figures, an average student may need to use at once several funding options to cover the costs of college or university (total sum might be more than £20,000 a year, including living expenses).
In this article, we want to deliver to you the essential details about financial assistance in different countries, starting from the government's student financial aid program to even various forms of small loans like these that you might be able to get as a student.
For UK Students
Loans from the Government
This year the UK government gives up to £9,000 for every full-time UK student to repay tuition fees. But some universities in Great Britain are going to increase their fee next academic year. Regarding the tuition fee increase, preliminary predictions indicate that student funding support will rise to £9,250. This type of student loan is paid by the government directly to the university.
When you start earning £21,000 per year, you will have to pay 9% of this amount as repayment. As a rule, a recruiter takes these payments and gives back to the government. Interest rate accumulates and increases at the rate of inflation (RPI) plus 3% during the period of your study.
Grants, Bursaries, and Other Student Loan Options
Apart from the government funding, there are several other student funding options for special circumstances or particular courses. For example, the universities are giving extra funding for social work, medical and teacher training students. For instance, if you are currently doing social work or a medical-related course, you may try to apply for an NHS bursary. The main advantage of this funding is that you won’t have to pay it back. Some universities and institutions have their bursary system, so we recommend you to visit the university website or contact the office of admissions directly and ask them to provide you with all the necessary details.
Student Loans for EU and International Students
The same tuition fee loan from the government can be given to EU students who come to get higher education in the UK. This year they could get up to £9,000, and this figure will increase up to £9,250 next year. However, international students from a non-EU country do not qualify for these student loans. Sometimes international students might be eligible for a maintenance loan in case they have already lived several years in the UK before starting their education. The student finance calculator provided by the UK government help you find out if you qualify for this loan.
EU Student Loans
On April 21, 2017, the UK government has confirmed that students from the EU will remain eligible and can qualify for undergraduate, master’s, and postgraduate financial aid in the next academic year. This decision implies that international students from EU countries, who want to study at an English university in 2018 to 2019 academic year, will also be able to apply for student grants and loans from the government.
In addition to that, the students from EU countries can qualify for home fee status. This status means the students will be charged the same tuition fees as other UK students. International students from other countries are not eligible for these tuition fees. Also, students from the EU countries will stay eligible for Research Council Ph.D. studentships for 2018-2019 that help learners cover the tuition fees.
Federal Student Aid for U.S. Students
For American students or international students, who are coming to study in the States next year, the U.S. Department of Education may provide federal student aid (learn more). Do you know what federal student aid is and how you should apply for it? Federal student aid from the U.S. government is money that is aimed to help a student pay for their university fees. It can cover such expenses as tuition and fees, room and board, books and even transportation.
The U.S. Department of Education also encourages students to search for other sources for free money and offers a free online scholarship search. A good idea would be to look for the scholarship online or offline lists. Keep in mind that there are hundreds of scholarships from private companies and foundations. This $1,000 college student scholarship program is a great place to start.
There are three categories of federal student aid: loans, work-study, and grants. Universities and colleges may take part in different financial aid programs, so make sure you check out this information with your institution. For more details about the eligibility criteria for U.S. federal student aid, visit the official website.