Everything you need to know about student loans in a nutshell
In this section you will find the information about:
– how to get a student loan in Great Britain;
– what are the recruitment requirements and how can Motivation Academy help you meet them;
– when can you apply for a student loan;
– what are the student loan repayment rules.
I have a British University diploma: proud sounding, isn’t it? There’ s a lot of people who, just like you, wish they could say that, but a lack of information about funding choices often holds us back from pursuing our dream about education.
Even if we briefly consider a student loan, we associate it with a financial obligation for decades, and we are afraid to take a step forward.
A student loan for studies in the UK
In most British higher education institutions, tuition fees amount to over 9,000 pounds a year. Are you scared to convert it into your currency? Then don’t: focus on the fact that you can get financial support from the government; which is a student loan.
– You will get the loan without a credit score check or a guarantor
– Your family won’t inherit your debt, so you can relax and concentrate on your studies
– The loan covers the whole duration of your studies plus 1 additional year. The options are as follows:
– a 4-year loan, if you choose 3-year Bachelor’s Degree (3+1)
– a 5-year loan, if you choose:
– 3-year Bachelor’s Degree and decide to start from Year Zero (3+1+1)
– 3-year Bachelor’s Degree and decide to study abroad for 1 additional year or to serve a 1-year internship (3+1+1)
– 4-year studies, i.e. 3-year Bachelor’s Degree and 1-year Master’s Degree (3+1+1)
– a 6-year loan, if you choose:
– 3-year Bachelor’s Degree and decide to start from Year Zero, as well as to study abroad for 1 additional year or serve a 1-year internship (3+1+1+1)
– 4-year studies, i.e. 3-year Bachelor’s Degree and 1-year Master’s Degree, and decide to study abroad for 1 additional year or serve a 1-year internship (3+1+1+1)
– 4-year studies, i.e. 3-year Bachelor’s Degree and 1-year Master’s Degree, and decide to start from Year Zero (3+1+1+1)
– a 7-year loan, if you choose 3-year Bachelor’s Degree and 1-year Master’s Degree and decide to start from Year Zero, as well as to study abroad for 1 additional year or serve a 1-year internship.
How to get a student loan?
In order to get a student loan, you need to:
– be an EU citizen
– not be a student of a public university
– not be a Bachelor or Bachelor of Engineering
If you are a university graduate, you still have a chance to get a loan 🙂
In you have already begun your studies and you are a Year 1 student; you can apply for a loan reduced by 1 year
If you are a Year 2 student, you can apply for a loan reduced by 2 years. This loan still covers all the remaining years of your studies, depending on how long you want to study.
If you are a Year 3 student, but you haven’t got your bachelor’s degree yet, you can apply for a loan covering a Year 3.
If you have already got your bachelor’s degree, unfortunately you cannot apply for a student loan in Great Britain. But keep your head up! You still have a right to apply for a loan to cover your master’s degree. The amount may be as large as 10 000 pounds. Find out more on Motivation Academy.
Each year, the British Government department issues special on-line application forms, and what you must do is fill it out, print it, sign it, and send it to a given address.
In order to make absolutely sure the documents are filled out according to the official requirements, so that you can rest assured you will get your loan, all you have to do is contact Motivation Academy via email, Facebook, or telephone, and we will be more than happy to help you.
When is the best time to apply for a student loan?
After you decide on your major, you can apply for a loan. If you need help with choosing you major, contact Motivation Academy.
The best time to apply for a student loan is the end of May, so that a school can get credit funding on time.
You can still apply for a loan in following months for up to 9 months since the beginning of studies. It is not recommended though, as the decision-making process takes longer, and you might have to pay out of your own pocket.
How does the school receive payments from my loan?
The loan is never paid directly to you.
You will be notified in writing that you have been granted a loan. The letter provides information on when the school will receive the funding. The instalments are usually paid in November and January, and then February, April, and May.
What happens if you decide to drop out of school after you have been granted a loan?
If you drop out before the first semester, the decision about the grant will be automatically withdrawn and you won’t bear any costs.
In case you drop out during term time, you are required to pay the share already received by your school.
The repayment process is the same as in the case of graduates.
Student loan repayment rules
You are required to repay your loan as soon as you take up a job and only if you earn no less than 1750 pounds monthly when you work in Great Britain, and no less than 3000 when you decide to pursue your career in Poland.
In such a case you will pay 9% of the surplus of your monthly income.
Let’s quote examples to understand things better.
You obtained your diploma of British university and you decide to go back to Poland and get a job in a prestigious company. You get 8000 zlotys monthly for a start. Given the minimum earnings requirement for repayment is 3000, we get the following result: 8000 – 3 000 = 5 000. The amount to pay monthly is 9% of 5 000, which equals 450 zlotys, an equivalent of less than 100 pounds.
If you decide to pursue your career in Britain and you earn e.g. 1833 pounds, the repayment amount is 7 pounds monthly; 2500 pounds – the repayment amount is 67 pounds monthly; 3330 pounds (40 000 pounds annually) – the repayment amount is 142 monthly.
It’s worth mentioning that the maximum period of repayment time is up to 30 years – after that any outstanding amount will be written off. Therefore, most British students never repay their debt because it simply expires.
You should know that you don’t need to take care about paying instalments – this is your current employer’s job to deduct it from your salary.
Student loan does not affect your credit score.
If you decide to work abroad, you should inform the Student Loans Company about it and fill out a respective form.
Contact Motivation Academy in order to get professional help valued by hundreds of students
At first it might look complicated and provoke a lot of questions, but with our help it will all get easy and simple.
We will motivate you to take action and further steps towards brighter future. You will learn about recommendations from students who used our services. We will solve all your problems with formalities, student loan, and finding a place to live. Professional and complex services are what you get in Motivation Academy.