International Student Loans
The process for applying for a loan if you are an international student is very different to the process that students who already live in the UK go through. Here is the following criteria for applying to the Student Loans Company (currently associated with the Government): You must either be a UK national or have ‘settled’ status in the United Kingdom; have been ‘ordinarily resident’ in the United Kingdom for a minimum of 3 years before you start your course, not with the sole intention of moving here to start full-time education. You could also have been ‘ordinarily resident’ in the Isle of Man or Channel Islands, and the same rules apply.
If you do not meet the above criteria, you probably won’t be able to get a UK student loan. However, you can always contact the student loans company if you are unsure.
EU Students who want to study in the UK
Many people are not aware that students that are travelling from EU countries might be eligible for a loan from the Student Loans Company. If you are a student planning to come over from the EU, depending on your personal circumstances, you may be able to receive help with your tuition fees and even your ‘maintenance’ or living costs.
There are different places that you need to apply to if you are an EU student that wants to study in a British country. If you want to go to University in England, you should contact the Student Loans Company. If you want to go to University in Scotland, you should contact the Student Awards Agency. You should contact the Student Finance Services European Team if you want to study in Wales or Northern Ireland.
Students from countries outside of the European Union
If you are an international student from outside the EU and want to study in the United Kingdom, then you can still speak to the Student Loans Company to find out exactly where you stand and if you can borrow any money. However, a better idea might be to seek funding from your home government as you are likely to be offered much more favourable interest rates compared to what you would be offered in your home country.
Why are you more likely to get a better rate of interest for a student loan in your home country?
This is because lenders assess the ‘risk’ of lending a person money before they agree to lend them money. If you have lived in a country all your life and live there with your family then it is likely that, providing you have a good credit history, it is a safer option for a lender.
International student loans from governments
Certain countries in the world encourage their students to go and study abroad by offering loans, bursaries and grants. It’s a good idea to speak to the appropriate office in your country to see if you are eligible.
International student loans from Banks and other Organisations
Depending on which country you come from and your individual circumstances, there may be a number of other options available to you. Just be sure to ‘shop around’ to find the best deal from a trusted lender, as it is likely that certain companies will offer you loans with very high interest rates.