Direct loans UK refers to educational loans similar to Federal direct loans offered by the American federal government. The UK government acts through a public sector entity named, The Student Loans Company.This company is in charge of routing Direct Loans UK to needy and deserving students.
The entity taking care of disbursal of direct loans UK covers England, Northern Ireland, Scotland and Wales and caters to more than a million students in the country. Direct loans UK are available for :
Money is available in the form of
The government recognizes the importance of helping adults go to college to improve their skills set and employability. This is why direct loans UK offer extra funds for those who have dependants to be taken care of. There is a special provision for those with learning disabilities as well.
Any and every eligible student will get 72% funding on the cost of education. This sum is available for all eligible courses irrespective of income of the individual and financial background. Any student seeking additional funding must prove their financial need by submission of necessary documents and details.
There are specific eligibility terms for specific financial assistance like tuition fees and other costs. Tuition assistance is available if the student continues to be enrolled in the course for 90 consecutive days. A student who does not drop out within 3 months will be eligible for assistance.
Living costs are assessed depending on the place of residence, household income and the extra studies involved in the course.
Unlike the American setup, repayment begins not after completion of education but after the student secures employment that pays more than £15,000 per year. The repayment amount will rise as the income of the individual rises. Repayment is done through tax system as calculation of tax liability is invariably linked to the total income of the individual.
The option of online application is available. This is the safest option as there is no scope for unnecessary interference in the application and confirmation process. Employing touts and agents as the via media to secure guaranteed finance is never advisable when dealing with direct loans UK.