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Information on getting an education loan in the UK

The government offers an eduction loan in the UK known as student financing. Who qualifies for these loans depends on the educational institute you are attending, as well as your personal circumstances. You will also have to meet a number of residence requirements in order to qualify for financial help. You have to be a UK national or have been settled and  residing in the UK for at least 3-years to qualify. Settled means you have no immediate immigration restrictions on you.

Before you apply for an education loan in the UK you may have to submit evidence from your parents. This is to confirm you are dependent on your parents. To be classed as dependent, you have to be 25 or under, you do not have to live with your parents in order to be classed as dependent. If you are living with a partner, they will need to submit evidence you are dependent on them. This evidence consists of wage slips or bank statements to prove income and savings. They may also have to supply their P60 and tax return.

If you do not qualify for an education loan from the UK government, then your alternative is to apply for a loan from your bank. Most of the big name high street banks have loans designed especially for students. These usually involve a low-interest rate fixed for the initial period. Applying for a bank loan is just the same as applying for a standard unsecured loan. You will need to provide proof of income and they may ask your parents to sign as guarantors if you do not have a set income to show. While bank loans are an option, you should make sure you have exhausted all chances of applying for an education loan from the UK government before turning to your bank.

 

 

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