We have always encouraged our students to apply for a government-funded course, because it’s not only offering you the opportunity to study in UK, but it also helps to cover your expenses throughout the studies. Let’s talk about what it means to get a student loan.
As mentioned before, the Student Loan Company offers you a loan (it funds you) so you can learn in higher education. The tuition fee loan goes directly to the institution, while the maintenance loan will help you during studies. This amount of money it’s paid into your bank account and doesn’t have to be justified to the government.
In order to be eligible for maintenance loan:
- Must have lived in the UK for three years up to when you start your course;
- Mush show your last 3 payslips;
- Mush have a minimum of £750 income per month.
Indeed, you have to repay the loan after graduation, but it depends on which plan you are on and how much you earn (per year). Each plan has a threshold for your weekly, monthly, or annual income (which is determined and mentioned by Student Loan Company at the beginning of every academic year, on their website). You do not pay anything back if your income is under the threshold.
For more information, please visit the following website.