UK Student College Loans
| The average expenses on education per student have increased astronomically in the past decade. In this scenario, it is the moral responsibility of the government to ensure that every student, who joins the college, completes his education. |
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In order to achieve this objective, the UK government has established the Students Loans Company (SLC), a public sector organization initiated to provide financial services to over one million students studying in different colleges and universities across the UK. SLC offers different types of college loans to students that can be broadly classified into two categories. These include tuition fee loans and maintenance loans.
Tuition fee loans are intended to cover the complete cost of tuition fees. Maintenance loans are provided to cover the daily living expenses of the student while studying in the college. For a majority of students in the UK, a student loan comprises of a tuition fee loan and a maintenance loan that will be paid directly to the student at the start of each academic year.
Eligible loan amount for each student is determined based on the average household monthly income and the also the college or the university the student has got enrolled into. For students whose combined household income is below £22,010 are not required to pay anything towards tuition fees. Complete loan is provided to students whose combined household income is between £22,011 and £32,744. Students, whose combined household income is above £32,745, have to pay the complete fees and do not receive any financial help from the government. Students, whose average household income is below £15,580 or those, suffering from physical disabilities, are eligible for government-sponsored non-repayable tuition and maintenance grants sufficient to cover the tuition fees and maintenance expenses. Even students, who have been brought up at foster care centers or have dependents, can apply for these scholarships.
Student loan repayment in the UK begins only after the student had completed his/her education and has an income of more than £15,000. Such students come under the UK Tax System and the loan repayments are deducted at source by the employer.
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Uk Student College Loans