Working out your student loan

At the time of writing, the British Government has aMany young people who have never been in debt are
student loan calculator that is designed to help youafraid of taking out the Government loan or taking the
establish how much of a student loan you can expectfull loan they are entitled to from the Government.
to receive. Usually, at this time of year, young peopleProbably the best student money advice you can
who are approaching their A2 exams are reading upreceive is that student loans offered by the British
on student money advice to be found online andGovernment provide the cheapest route to borrowing
looking up various other student money tips.money and is designed to provide some very
Working out your student loan is something that isnecessary financial support whilst you work hard for
done for you by the Government and depends on theyour degree.
entries that you make online when you visitPeople often worry about running up a Government
direct.gov.uk and go to student finance. By visiting thestudent loan debt but a student loan is like no other
Government website it is possible to ask the studentdebt you will incur in your life as the repayment terms
loan calculator to estimate how much of a studentare incredibly generous and don't even begin until you
loan you are entitled to.are earning over £15,000 per annum. If, once you
Once you've received your estimate for your studenthave concluded your degree, you land a job earning
loan you can then apply for the actual student loan on£20,000 per annum then you will pay 9% per annum
line by scrolling down to the paragraph below theon £5,000. If, for some reason, you receive a financial
student loan calculator on the direct.gov.uk website.windfall, then it may be possible to repay your loan
Your parents will probably be full of student moneyearly and receive a discount.
advice and student money tips but they can also helpThe Government website with regard to student loans
you directly by giving supporting financial informationmakes it as easy as possible to apply for a student
online at direct.gov.uk (student finance), which will helploan and for you to know exactly where you are with
determine the level of your student loan and anyregard to receiving payments. The best student
university tuition grants that you may be entitled tomoney advice you can receive is to give full disclosure
receive which do not have to be repaid, unlike theof all your finances because the Government student
student loan.loan scheme is generous and fair and, despite possibly
Student money tipshaving parents with high incomes, you will not be unduly
The Government website is there to help you andpenalised.
once you are registered and they have your details itIf you are seeking student money tips online then the
is possible to log in and find out information with regardbest advice is to find out first how much money you
to when you will receive your student loan paymentscan expect to receive by way of a student loan and
and for you to input other information such as newthen work out how much you'll need to plug the gap.
bank details for depositing your student loan.Most people when looking for student money advice
Once you have finished your university degree, youexpect to have to raise extra money above the
can then find out online how much you owe and howstudent loan by working and saving during the holidays.
much you'll be asked to pay back each month, withOf course, it is always a good idea to ask the Bank of
the help of the student loan repayment calculator.Mum and Dad to make a regular monthly deposit into
Student Money Adviceyour account.