One of the things that sometimes holds people back from applying for courses at Higher Education colleges is the costs involved and concerns about applying for funding and paying back loans.
There are national media headlines about student loans which may cause confusion or concern. This includes recent news reports suggesting Brexit will have a negative impact on higher education student finance interest rates, which may also be spreading the alarm.
Student finance benefits
However, Higher Education is still an important way for people to take the first step towards their career, and it is great news that financial support may be available to enable you to study for courses in accountancy, business, finance and hospitality.
Even better, in many cases Student Finance Loans don’t just cover course fees. If you have been resident in the UK for over 3 years, and you have a UK National Insurance number, you may also be able to borrow a set amount of money – a “maintenance” loan – to cover costs like rent, food and travel while you study at college in London.
It could be that you also qualify for additional financial help if you would find it a particular struggle to attend college in London, such as if you are on low income, disabled or a parent.
Do not panic that you will have to pay your college fees and any other student finance loans back in a lump sum when you start working either. Depending on what you earn a salary, your student loan will be paid back in set monthly amounts. If you apply for course funding this year, you won’t start to pay it back until you begin earning 21,000 or above.
Funding and Benefits of Higher education student finance
You will be charged interest on Student Loans but for many people it’s a sound investment in your career, particularly if you want to progress in specialist fields such as accountancy and financial management. Employers in those sectors are looking for certain skills, competencies and experience, that can be gained through Higher Education.
The key message is to not let funding your higher education student finance put you off applying until you have explored all your options. Carefully weigh up the benefits against the potential monthly repayments when you start earning over the 21,000 limit.
The simplest way forward is to visit the official Government website that provides an overview of Student Finance and guides you through the process of applying
Feel free to contact us at Mont Rose College in Ilford too. We can provide a wealth of information on how you can take the first steps towards your dream career.