As you know, the United Kingdom (UK) also comes in the list of most expensive countries. Likewise, the cost of studying in the United Kingdom (UK) is quite expensive just because of that some students and parents have to dip into getting a loan online for study in the United Kingdom (UK) to afford all the expenses required for their child’s higher studies. In such a situation, taking an online education loan for study in the United Kingdom (UK) will help to reduce the burden of finance on the students and help them to chase their dream of studying in the United Kingdom (UK). In this article, we will discuss different options for online education loans that International students may avail while planning to study in the United Kingdom. So, without further ado, let us begin our discussion on how to get an online education loan for study in the United Kingdom (UK).
Benefits of Getting an online education loan for study in the United Kingdom (UK)
In recent years, we have seen a rapid rise in the cost of college fees and International students also struggle to fund their overseas expenses of education all on their own. On average, students are graduating with $132,860 (£101,505) worth of debt for study in the United Kingdom (UK). This amount is too huge and impossible to pay off for someone who is just about to start their career after graduating from a college of the United Kingdom (UK). Here are the reasons for which the education loan comes in.
- It is considered that an education loan is the most trusted source of finance for international students who are planning to graduate from a college in the United Kingdom (UK)
- Students can expect up to 100% financing with the help of Unicreds that help them to cover their expenses of tuition and living.
- In addition, interest paid on an education loan from UniCreds is fully eligible for deduction for study in the United Kingdom (UK). This will help an international student to get an ease in the financial burden of studying abroad in the United Kingdom (UK).
Tips on choosing the best education loan for study in the United Kingdom (UK)
Today there are hundreds of lenders who are offering a variety of education loans to study in the United Kingdom (UK). If you try to find out the perfect education loan lender from hundreds of options will be like finding a needle in a haystack. Just because of that you should start your research much earlier so that you can get time to check out all the options in the market available for getting a loan online for study in the United Kingdom (UK). Well, here are some other parameters which are listed below that you should consider while choosing your education loan:
- Determine the amount of loan – It is very important to determine the amount of loan before you start the procedure of the education loan application. It is very important to figure out if you are in need of a loan that helps you to cover your entire cost of education or a loan that only helps you to cover just some of the amount, while you pay the rest from your own pocket like living expenses and other expenses too.
- Do your research on interest rates– Providers of education loans also charge different rates of interest which are based on your profile, loan tenure, collateral and other factors. If you find an education loan with the lowest rate of interest may not always be the best option for you due to some hidden reasons. So while researching, do a good research on interest rates and the other terms and conditions which are applicable to the education loan for study in the United Kingdom (UK).
- Opt for a longer tenure –
If you go with the opinion for a long repayment tenure, you are essentially spreading out the EMIs over a longer duration for the repayment of the education loan. This option will help you a lot in repaying the loan in a stress-free manner. However, if you have sufficient money then going for a loan with a shorter tenure is also a wise choice as it will help you in saving a lot of money which you pay as an interest to the lenders.
- Try to approach certified banks- If you choose the option of getting a loan for study in the United Kingdom (UK) from a government recognised bank then you will get income tax benefits. Applicants of education loan can also claim for a deduction on the interest paid on an education loan from a bank.
- Keep a track of miscellaneous expenses – The cost of tuition will form a major effect on your educational expenses. But apart from this, miscellaneous expenses like on-site or off-site management, transportation costs, books, library fees and courseware can collectively be very expensive for an international student. So before opting an education loan it is very important to consider the cost of these miscellaneous expenses while determining your education loan amount for study in the United Kingdom (UK).
How can you repay the loan amount?
It’s considered a tough part of giving the money back. After you get your degree in the United Kingdom (UK) you should step into the job market and find a job for yourself. If you have got a job in which your earnings are at a certain level with which you can only start the repayment phase for your education loan.
For the repayment there are three repayment plans which are based on your job earnings. These plans are as follows
- Repayment plan 1
You can start repaying your education loan debt when your yearly income exceeds United Kingdom (UK) £18,500.
- Repayment plan 2
You can choose this repayment plan 2 if you earn over United Kingdom (UK) £25,000 per year.
- Repayment plan 3
It is very good for you to go with repayment plan 3 if your income is over United Kingdom (UK) £21,000.
Generally many people prefer to stay away from debt. But if you are highly interested in your higher studies in the United Kingdom (UK) but unable to afford the expenses of living and tuition fees then getting a loan for study in the United Kingdom is considered as the best option among those international students who are highly conscious about their future and career. And if you want a secure career then you must go for higher studies in the United Kingdom (UK) with an education loan.