If you are a foreigner who intends to enroll at a University in UK, then chances are that you are thinking about the amount of funding that you need to cater for educational costs. You may have examined the prospects of receiving international student loans from prospective lenders as you grapple with the high costs of tuition and living.
Most banks and lending institutions offer student loans for resident citizens who are also registered citizens of the UK. This seems to be a common practice which ensures that resident students get all the assistance they can from the banks. On the contrary, most lenders do not have elaborate schemes to international student loans. So foreigners especially who come outside the EU may find it quite hard to get lending or credit facilities from local banks in the UK.
For several years, the main beneficiaries of student loans in the UK have been resident undergraduate and post graduate students who satisfy the eligibility requirements of local banks. This has discouraged some international students in the in the past because they do not meet some of the requirements that are stipulated by the banks and other institutional lenders.
However, not all hope is lost for foreign students who want to fund their undergraduate degrees through international student loans. There are financiers who extend their credit facilities to such students and help them sail through their studies smoothly. In the recent past, more and more students from specific EU countries can get access to student loans to fund their education at UK universities. Nevertheless, you may be required to prove that you are eligible just like other conventional student loans
If you secure funding as an international student, the loan will be able to cater for tuition fees, the costs of books and research, upkeep, boarding &accommodation, travel, and your welfare in general. However, you should note that the terms of engagements vary and you may not have a flexible repayment schedule like a resident student who takes a conventional student loan from a local bank. Generally, the loan package covers almost everything that the conventional student loans offered to resident students covers.
While most banks offer the secured international student loans to foreign students, some offer unsecured loans these students but with high rates of interest. Therefore, it is advisable to understand the terms of engagement with the financier before deciding on taking any kind of loan. You can check out the requirements online or inquire from representatives of the lender.
International students who apply for the secured loans from student loan companies can receive between £500-100,000 per year. On the other hand, those who apply for unsecured loans may obtain anything from a minimum of about £1000 to a maximum of £ 25,000. However, the amount of international student loans that you will receive depends on how much the financier or loan company in UK is willing to give you. The repayment for international student loans may be anywhere between 1-25 years depending on the amount that you have received from the bank.