How Do I know if I am Eligible to get a Student Loan in the United Kingdom?

There is no doubt that student loan companies offer timely assistance to hundreds of thousands of students each year in the UK. The loans and funding that these companies disburse to students is what actually sustains the students throughout their stay in collection. However, there are certain conditions that you must meet or fulfill when applying for any kind of student loans in the UK.

One important thing that you should always consider if you want to make a formal application for student loans is your eligibility. Basically, this are conditions which must be met by all student applicants before they can be considered and their application approved. So what are some of the things that bankers look for when awarding student loans?

If you want to know whether or not you will qualify for a loan, then you should check the lending and eligibility requirements of the bank from which you want to borrow a loan. These requirements in the application forms and you can read them to see whether you are a good candidate for a loan or not.

In a nutshell, most banks and student loan companies will offer the loans to students who are legal residents of UK and who have registered or been enrolled to a recognized university. In addition, you will also be considered eligible if you are borrowing loan to fund your higher education for the first time or if you want to top up the lower qualification at the university of your choice.

The student must also indicate the course or degree which he or she pursues in the public or private university. This means that you must be admitted to a university which leads to a qualification in bachelor’s degree, foundation degree, and higher national diploma or certificate. You will also be considered if you are either taking an initial teacher’s training or you are undergoing training as youth or community worker.

If you want to access the loan through the student loan finance, then you should not be older than 60 years of age. Primarily, different rules apply for those who are pursuing partial studies and those who are not residents of the UK. Nevertheless, there are certain student loan companies who allow students from specific countries in the EU block to be considered for student loans.

If you meet the above requirements, then you should consider yourself a very good candidate for the loans. Nevertheless, these terms of engagements seems to lock out majority of international students who want to access credit facilities such as student loans to fund their higher education. So, if you are in this category, you should make the necessary arrangements with your sponsor so that you get funding in good time.

However, students from specific countries such as US who have enrolled at UK universities can get funding through the Federal Direct Loan which is normally administer by the respective universities on behalf of student loan companies. This arrangement allows students from the US to get funding for tuition fees for their entire stay in college and later repay it when they go back home.