A guide to getting a student loan

In need of extra funds?

Higher education in the UK is becoming increasingly expensive – in addition to rising tuition fees, living costs are also on the rise and it can be difficult to stay afloat throughout your degree course. Post-graduate courses are often unsupported by the government-funded student loans and you may need to turn to other sources of finance to pay for your studies.

Student bank loans can help you to cover university costs including academic textbooks, transport to and from campus and living expenses. A loan search via UK Net Guide can help you to determine the products available, the interest charged and what potential repayments may be.

How much do you need to borrow?

Before you begin the search for your ideal loan, it is important to calculate how much you need to borrow. Undergraduates may simply need additional funds to cover rent, equipment and other university expenses, while post-graduate students may also need to borrow to finance course fees, examination costs and other aspects of study not supported by traditional student loans.

A simple way to determine how much you will need to borrow is by listing current expenses and outgoings to form a budget. Compare the funds you have available with the costs you will incur to identify any shortfalls where a student bank loan can bridge the gap. It may be that rising living costs, such as food and utility bills, are now less affordable and additional funds will offer better financial security.

Compare loans

Once you have determined how much you need or would like to borrow, use UK Net Guide to conduct a loan search. This will allow you to compare the different financial products currently on the market and decide which terms are most favourable for the amount you need. Interest rates, repayment stipulations and the terms and conditions applicable to a specific loan all need to be considered before making your final decision.

Assess repayments

Before taking out a bank loan, it is also vital to consider the repayments required, when they will begin and how you will pay for them. Finance calculators can help you to work out what the monthly payments will be, in addition to the total interest that will be paid on the loan.

Factor the amount required into your monthly budget to avoid incurring charges for late or missed repayments, and contact the lender immediately if you run into financial difficulties. The bank responsible for the loan may be able to offer assistance or an alternative repayment plan if you are unable to meet the original arrangement.

The National Union of Students (NUS) offers help and advice for creating a student budget, while UCAS details some of the costs students will face when they begin their degree course. UK Net Guide can compare student bank loans to find the best product for your needs.

25/10/2011

 

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