With education costs soaring high, it is evident that not all can afford to pay for higher studies. Thus for all those students and teenagers who are not able to afford the costs of their studies, the concept of ‘student loan unemployed’ has been introduced. Read on to discover few interesting facts that is reveled in this edition.
The student loan unemployed has been designed specifically to help and assist all those students who have a weak financial situation and have the desire to pursue higher studies. There are also loans available for students who have a bad credit history. The ideal solution for these students is to have a co-signer for enhancing their chances for getting loan sanctioned. The co-signer can be anyone. It could be your parents, relatives or friends. These loans which are provided cannot just be used for paying off the tuition fees amount but can also be used for paying other expenses as well. These other expenses could be stuffs like the fees for hostel, Mess or PG accommodation, or the charges for transportation, etc.
The interest and the amount that is provided to the students in these loans vary depending upon the type and kind for which one has applied for. Generally one can easily avail a sum of 13000 -14000 pounds.
The ideal aspect about these student loans is the aspect of repayment which can be done quite flexibly. The payback can be done after you have completed your studies.
Though there is a clause that you need to pay back the dues only after you finish your studies, but in the meantime if you did get a job and start earning a salary of more than 15000 pounds annually, then you need to start off with the installment payments. The interest rate for these loans is quite low in comparison to the other loans which are available to public.
These loans can be used by any students who face the difficulty in pursuing higher studies due to insufficient funds. Thus these loans gives the advantage to those financially backward students to devote their time in studies rather than spending time doing part time jobs to earn money for paying their tuition fees.
Application for these loans can be done by filling in the forms which are available in almost all the banks or any kind of financial institutions. All you need to do here is to fill in few specific details like the kind of loan, the amount you are looking for and the applicant’s contact details. You can either fill these hard copy application forms, or apply online as well.