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Student Loans

When looking to continue your education into university, finance is an even more important issue than it use to be. Before the Labour Government won election in 1997, the educational system was funded by grants from the Conservative Party. This basically meant that every student that enrolled at university received a grant to pay the cost of their tuition fees. But by the year 2000 this was abolished and everyone had to pay £1,100 in tuition fees unless they were from a disadvantaged family (i.e. had a restricted income).

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With this occurrence, banks jumped on the band wagon and started offering student loans to all those with an acceptance letter. Consequently, in the last four years, banks have been competing against each other in order to gain the student vote. Such ploys as cash incentives, railcards, free gifts and large overdrafts have been implemented to attract the students and potentially keep them as a customer well beyond their academic years.

Student loans vary in size. There are the tuition fee loans and the living cost loans. A degree tends to last a minimum of three years, which is £1,100 every year of the duration of the course that needs to be paid in tuition fees. Then there is the Masters course that can vary from £3,000 to £10,000 in tuition fees, depending on the university that you attend. Then finally a Phd course can incur endless amounts of funds depending on where you’re situated and the research that is being carried out.

Living costs can consume vast amounts of money. It really depends on whether the student has chosen to go into the ‘Halls of Residence’ on the university campus or acquire their own accommodation. Then there are the general requirements like food, clothing, transport costs and educational materials to consider. Needless to say it can get very expensive if the student doesn’t budget correctly. But there are interest free overdrafts that students can indulge in if they wish to implement it to their accounts. For more reliable advice on student loans visit Loans UK, they know there stuff.