Friday, 18 September 2009

Information About 2009 Student Maintenance Loans

The basic motive of student loans is to cover up the costs of your tuition fees, and basic living costs like rent, bills, food etc. There are several types of loans available, but tuition fee loans and maintenance loans are the two prominent ones. Depending on the type of the loan, the interest rate can vary. It also can have a severe impact upon the overall debt at the end of your degree. But as the e interest rate on a government student loan only takes inflation into account, so the overall amount will, in real terms, be the same as the amount borrowed.

Any student, who meets the basic eligibility requirements, can get loan. There is an age limit for applying for student loans. In England or Wales, the age criterion is under 60. You can apply for any amount up to the full cost of fees that you are charged for tuition fee loans. Usually this loan is paid straight to your university or college and it does not depend on your income. But in maintenance loans, the amount you are entitled to depends on your income or your parents' or partners income.

For the current year 2009, students who are living away from home and studying in London are entitled to get a maximum maintenance loan of £6,928, students living away from home and studying outside London could get up to £4,950, whilst students who live at home with their parents could get up to £3,838. This year, the final academic year of a course is viewed as having fewer weeks than previous years, which include the need for financial assistance during summer holidays, so the loan will be lower in your final year.

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