The study loan is intended only to cover tuition fees and is transferred immediately to the bank account of the university. Payments can go directly into most UK banks. If you don’t know where to look, try calling student finance helpline, and they’ll explain you more in details.
To get your payments paid in the bank, the student first needs to submit the documents to the student finance and get approved. When the College Commission decide to accept the student application, the student can go to the bank to conclude the contract. When reaching the agreement on a study loan with a guarantee, a guarantor – an adult individual with regular income, at least in the amount of the minimum wage in the state, must also participate. The bank then agrees with student finance. Usually, this process takes 3-4 weeks. Also, if you have chosen a Study loan with a guarantee on behalf of the state to cover the tuition fee, you do not have to pay any interest during the studies, repayments start when you are in full-time employment.
Student loan for daily expenses
If you feel that additional resources are required outside of the study activities, apply for the Student loan.
The student loan is intended to cover daily expenses during studies. Similar to the Study credit, you must first submit the documents to the university and, after the decision has been taken by the institution, the student must go to the bank together with the guarantor. However, unlike the Student loan, when applying for a Student loan, the student must pay back the loan interest during the course.
The First Student Step to Career
There are many other benefits to the study loan with a guarantee on behalf of the state, which makes it a very convenient and reliable type of study payment:
- During the studies (including the interruption of studies) and 11 months after the completion of the studies, the principal amount and interest are not required.
- If the borrower continues to study in an accredited program, principal and interest payments need to be covered.
- During the period of maternity and motherhood leave the principal and interest payments need to be paid back.
- During the period of parental leave (until the child is 1.5 years old), if the borrower does not work full-time, principal and interest payments are required.