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Education Loans[edit]

Education Loans provide finance whilst you are studying or provide the finance to pay for your course.
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What is an education loan

Education loans are loans that can help you pay for learning that may enhance your job skills or career prospects. Education loans are mostly provided by banks so you will have to pay it back once you have left your course.

However, you don't pay interest for the time when you're studying. The interest is paid by the government and the Young People's Learning Agency. The interest rates are fixed so when you come out of education, you know exactly what you're going to be repaying on your education loan. Education loans are generally very competitive with other personal loans.

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What you can use the loan for

Education loans can help you fund courses lasting up to two years (sometimes 3 years).

You can use it for:

  • A postgraduate course like a masters, technical or management training
  • A professional qualification
  • A course at your local college or learning provider
  • An additional bachelor's degree if you are already a graduate
  • Other course fees
  • Other course costs such as books, travel and childcare, living expenses like rent food and clothing (if you are employed for less than 30 hours a week)
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Am I eligible

  • Applicants must be 18 years of age or older
  • Must live and study in the UK
  • Must intend on working in the UK, EU, Norway, Liechtenstein or Ireland once you finish your training
  • People who are not EU nationals and who aren't permanent UK residents will need Home Office approval to study, train or work in the UK
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Where can you get them from

Directgov- you can get an education loan from the UK government body Directgov

Barclays Professional & Career Loan – Barclays offer an education loan for non-Barclays account holders planning to enrol on an approved vocational course

The Co-Operative Career & Development Loan – The Co-Operative bank offer an education loan for non-Co-Operative account holders

NatWest Professional Trainee Loan For College of Law Students – NatWest offer an education loan to people studying full-time for their Graduate Diploma in Law, Legal Practice Course or Bar Vocational Course

NatWest Professional Trainee Loan for BPP Law School Students – NatWest offer an education loan to people studying for their Graduate Diploma in Law, Legal Practice Course or Bar Vocational Course

Your primary bank may not have specific-purpose loans but they may offer you a personal loan for educational funding purposes

The financial institution which you are enrolled to study at may also offer bursaries so see if they also have any options available

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Repaying your loan

Repayments start once you've left your course (in some cases it may be a couple of months after), you'll agree a schedule of monthly repayments with the education loan provider when you take out the loan. Think carefully about how much you need to borrow and how much you can afford to repay.

Build a table of your income and outgoings and use them to work a budget so you know you are able to make your repayments. If you know you are going to struggle making repayments, you need to get in touch with your education loan provider as soon as possible as they may be able to freeze your repayments.

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What happens if I don't complete my course

If you don't complete your course you are still responsible for repaying the loan – even if not completing the course was not your decision. Make sure the course is right for you and make sure the course provider is stable and in no jeopardy of going out of business.

See all Education Loans

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