Higher education loans are financial scheme taken for education purposes. These loans are of many kinds such as according to the sponsor, according to the beneficiary, according to the course. Not only this, lenders also provide career loans for people who are pursuing graduate or postgraduate education on a part-time to full time basis including evening, weekend, distance learning and continuing education programs. Higher education loans are for graduate and post graduate courses. This is an unsecured loan and applicant is not asked to place any collateral as security against the borrowed amount.
To get approval for higher education loans borrower have to meet certain eligibility criteria. The person applying for these loans should be a graduate or professional student in a degree or certificate program and should be entered in school at least half-time. For applicants with good credit records, the borrower or the co-signer should have good credit. Also applicant should have employment and residence history of at least 2 years. Along with this, the applicant should be a citizen of UK and must have a proof of income. The minimum amount which borrower can acquire with higher education loans is 1,000 while the maximum limit is 25,000 pounds. The repayment period set for this loan is 6 months to 10 years. If the borrower finds it difficult to repay the amount in the decided time period, he can even ask the lender for an extension of the time period.
Getting a higher education loan is not at all difficult or time consuming in fact it has become very easy.
People can apply for this loan through the online application mode as well as applications can be made through the telephone. The Borrower just needs to fill a simple online application form with important details like the social security number, date of birth, employer’s name, phone number, years of employment, gross annual income and monthly rent, or mortgage payment. There are several lenders available on the internet providing higher education loans. The repayment options are also miscellaneous including standard repayment, graduate repayment, income-sensitive repayment, and consolidation and pre-payment. According to school level and state level, there are many loan options and information about these higher education loans can be obtained from the applicant’s own school. The Applicant can also check the internet as there are several websites that have latest information about higher education loans. To make things simple and understandable for applicants, lenders provide easy options and tools such as loan calculators through which loans can be compared and even applied for online.
Luke Wright is financial adviser for Loans In An Hour. To find more about higher education loans, higher education loan programme, higher education loans form and higher education loans application form. Visit http://www.educationloansuk.co.uk.