Information about Student Loans in the UK for Parents

Written By Ellise Walsh

Mon 3/21/2005 3:20 PM

While it may seem like just yesterday your little boy or girl was playing at your knee, the time has quickly approached to begin thinking about higher education. In regards to university it�s always best to begin planning as early as possible. With the rising cost of higher education, it is becoming increasingly difficult for the average family to fund tuition for a university education for their child. That is why planning early and doing your research is critical in making sure your child receives the higher education necessary to assure them a good job and salary for their future.

The society we live in is becoming increasingly complex and reliant upon sophisticated technology. Those who succeed in the future will need to have a solid education at their disposal. Completing a secondary education simply is not enough anymore to compete in a global economy. Give your child the tools they need today in order to be successful tomorrow.

The sad reality is that it can be very difficult to afford a university education in today�s economy, however there is no reason your child should be denied the opportunity of a higher education. There are ways available to fund tuition and even the cost of living in order for your child to receive a much needed education. Waiting until the time arrives for your child to leave secondary school, however; is too late to begin planning for a university education. Take the time to do a little research now and be prepared.

You will need to contact your Local Education Agency and obtain an application form for student loans in the UK and any grants for which you may qualify. Remember, the difference between a loan and a grant is that your child will be required to pay back the loan after they leave university and are employed, but they will not be required to pay back the grant.

Based on your income, you may be expected to make a contribution towards the cost of your child�s tuition, if you obtain a student loan. The amount you will need to contribute is dependent upon your income; however it is normally quite reasonable. Additionally, if your income is below �21,000 it is possible you may not be asked to contribute any money towards the cost of your child�s education.

Deadlines do apply to student loan paperwork, so it is always best to pick up the forms early and familiarize yourself with them. Also, make sure the application is filled out completely. Any areas that are left blank can cause your application to be delayed. Student loan application deadlines for students entering university in the Fall are usually around early May of that same year.

Student loans are also available for expenses related to maintenance. The amount of money your family qualifies for in regards to cost of living will normally be determined by your income, household expenses, whether your child is living away from home and where they attend university. Because living in cities like London is often more expensive, students who attend university and live in London may be able to qualify for a large maintenance student loan than those who either live at home or attend university in a smaller city.

Once your child is attending university you may still be able to qualify for tuition student loans as well as maintenance student loans, provided your income does not exceed certain amounts.

There are even special grants and student loans available for students who attend university part-time and/or who are considered to be mature students. Sometimes it is just not possible to attend university full-time. There are family considerations and in some cases you and your child may find it is necessary for them to continue working at least par-time in order to meet financial obligations. Extended time limits allow part-time students to complete their education and receive student loans for longer periods of time.

Remember, there is assistance available to help you fund your child�s higher education. There is no reason not to give them every advantage possible for their future. There is too much at stake not to take advantage of the student loans available in the UK.