Those who have studied in the US and the UK … is it easy to get student loans? normally what is the plan to return the loans and how long does it possibly take ? specially keeping in mind the current economic situation …
Re: Student loans ..
Im not sure international students get loans in the US (or even in the UK for that matter), as them staying in the US after studies is not certain, and lenders will not take a chance on such a client. Permanent residents/citizens get easy loans, which are usually payable after completion of studies, or in many cases, after you get your first job.
Re: Student loans ..
**in Canada, it's need based. if a student is a legal permanent resident and has lived in Ontario foe at least 12 months, he/she will receive grants and loans. loans are payable six months he/she ceases to be a full-time student [at least 60% of the courses ... i.e. 3 courses]. a undergrad student in Ontario will never accumulate more than $7000 a year. student pay back at the rate of 1% + the prime rate of interest. he may pay more if he wishes to or can afford.
the needy students get work on the campus if the amount of money he/she receives is NOT enough [in most cases, it's more than enuf.] however, a student is expected to make some money during the summer holidays thru student summer employment.
a student can also adopt co-op education where he/she works two semesters followed by two semesters of studies. it takes longer to complete a degree but he gets valuable on the job experience and can pay for his education without incurring loans.**
Re: Student loans ..
In the UK its pretty easy to get a loan from the Student Loans Company... for your tuition fees and then maintenance loans also which are needs-based so they take into account your household income etc.
Paying back is usually once you start earning above a set amount.. it was £15 000 but I think laws may have changed since the rise in tuition fees so this figure has risen. They automatically deduct a small % from your salary each month..
Re: Student loans ..
^^i think the rise in which you earn will apply to those under the new system? i recently graduated and my loan letter stated once i start earning more then 15K they will just take it via my pay or i can make extra payments if i wish, they are means tested, taking into consideration household income etc i.e parents or partner, and bursarys are available also, you can get a grant from student loans company it was £2500 as i chose to live at home in my final year i didnt take the loan (just for tution fees i did)
Re: Student loans ..
So dont you take loans when you're living at home?
I thought every student in Uk was taking a loan when at uni. I also think I read somewhere that the fees are about 90000 pounds per year? Or this hasnt started off yet?
Re: Student loans ..
90000^?? WHAT? haha i think you mean 9000. Getting loans from the student loans company is very easy as long as you've lived in the UK for at least minimum 3 years i THINK! Theres a lot of information of their webpage so just check that out. Theres also a loan calculator to get an approximate amount that you will get paid. You can get means tested or not, which basically means that they can take your parents income into consideration. Paying back, i think you only start paying back once you earn £21,000? and even then its only a tiny percentage!
Re: Student loans ..
lol sorry yes I meant that
So really your economy has nothing to do with if you can get an education? Why are ppl so scared of the raise then? Yes I know you will be paying more back, but still, you can choose what you want?
Re: Student loans ..
In the US, I believe the student loans can never get forgiven. For example, you can walk away from your home mortgage. But the student loans apparently are man's best friend - they stick with you forever. Dont know much beynd that.
Re: Student loans ..
^ yup, filing bankruptcy will not affect the money you owe for student loans. 