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The SLC (Student Loans Company) was founded for the 1990/91 academic year to provide students with additional help towards living costs in the form of low-interest loans. In its first year, the SLC gave loans to 180,200 students. [3] This represented a take up rate of 28% of eligible students, with an average loan of £390.
Student loans are paid by the Student Loans Company [2] but students apply for their loan through SAAS. Any eligible student can apply for the minimum loan regardless of their income. The maximum loan is income assessed. The maximum loan that a young student can receive is £5,750, and the maximum loan for an independent student is £6750.
On the first day of the first academic year of the course, to qualify as a home student, all of the following criteria must be fulfilled by the student: . Be free from any immigration restrictions (e.g. British citizenship, exercising EU Freedom of Movement Rights, indefinite leave to enter/remain, right of abode, free from immigration control (as a diplomat or member of air crew))
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[58] [59] [60] At the postgraduate level, Scots and RUK usually pay the same amount, commonly between £5,000 and £15,000 per year, while tuition fees for international students can run as high as £30,000 per year. [59] Fee discrimination against students from the rest of the UK has been challenged in the past but deemed legal.
The Student Loans Company (SLC) is an executive non-departmental public body company in the United Kingdom that provides student loans. It is owned by the UK Government's Department for Education (85%), the Scottish Government (5%), the Welsh Government (5%) and the Northern Ireland Executive (5%). [2] The SLC is funded entirely by the UK taxpayer.