Finance your higher studies in the UK in 3 easy steps
Author : education Singh | Published On : 25 Aug 2021
At one point in time in your life, you may have dreamed of studying at Oxford or some other well-known British university, haven’t you?
You can fulfill that dream. For that, you need to score well in competitive exams and have enough money to pay the tuition fees of a British university’s study program. In this blog, we will pay attention on the second aspect of higher education in the UK: getting funds to study there. Some students have enough money to pay the costs of their higher studies in the UK but most students have to take educational loans for studying abroad to study there. Here are the 3 easy steps you should follow to finance your higher studies in the UK.
Learn more about your educational loan eligibility
You need to know the maximum education loan amount you can borrow for your higher studies in the UK. For that, choose a co-borrower. A co-borrower can be either of your parents, legal guardian, siblings or spouse. Your co-borrower’s monthly income, obligations, the rate of interest that your lender quotes to you, and the number of months in which you will repay your education loan decide your education loan eligibility—the maximum amount of money you can borrow.
Your education loan eligibility will help you calculate the EMI of your loan. For both of these calculations, you need to use education loan calculators. The eligibility calculator will help you learn your loan eligibility while the EMI calculator will help you estimate the EMIs of your loan.
Work your way through the loan acquisition procedure
Talk with a lender to know how they give students educational loans for studying abroad. Most lenders will give you an option to apply for a loan either online or offline. In the online way, your lender will ask you to visit their website to fill up an online loan application, attach soft copies of relevant documents to it and submit it.
In the offline way, your lender will ask you to visit one of their offices to fill up the paper-based loan application, attach photocopies of relevant documents to it and submit it.
Some lenders offer doorstep services. In it, they send one of their employees to your house to apply for an education loan on your behalf through the offline way.
The lender will process your application; they will verify the symmetry and authenticity of the information in the application and the documents that you provided them. Finally, they will sanction your educational loan and disburse its first instalment.
Show proof of funds
Once a British university accepts your application, they will ask you to pay a small token amount of money to confirm your seat for a study program there.
The British immigration authority will ask you to show a proof of funds to pay the tuition fees to your study program and cover the cost of sustaining a decent lifestyle in the UK for a year. Once your loan is disbursed, your lender will issue you a certificate of availability of funds or proof of funds. When you submit that proof to the British immigration authority, they will give you a student visa. Then, you can fly to the UK to pursue your higher studies.
Now you know the procedure to finance your higher studies in the UK. To find lenders that give loans for higher studies in the UK, just search “study loan UK” on Google. Have a nice day!