Student finance can be very difficult and can be easy at times. It gets difficult to pay back if you are the student that applied for the loan and not your wards. There is no high percentage of certainty of repaying the loan on time as a result; most lenders do not finance a student. It can also be possible for the school you want to attend help you in financing the education and thereby paying your school fees on your behalf while you make the mortgage payment later with interest. Student fees can vary from school to school and courses offered.
There are ways student finance could be met. Money can be borrowed from the finance company like the micro finance banks, from the governments and from the school if it is a private school.
The government introduced the TEF, which is the Teaching Excellence Framework, which provides information on how to help applicants decide where to study to the colleges and universities. This actually made available for any applicants as at from September 2017 and for students who have been studying after September 2012.
They give financial help on student’s fees and tuition loan including the maintenance loan to student to help them.
In this programme, the fees covers all the cost of the courses and are paid directly to the school or the provider of the course and this helps in way that the borrower would have to pay back after the end of the course and when the borrower has started working and earning. The borrower does not have to pay back before the course or during the course. In this programme, the borrower can also apply for the maintenance loan but this depends on the household income of the borrower and this will be given at the beginning of each term especially in Scotland.
To be eligible to a certain amount, the place of study, living, and time for living and the income of the household would really considered. Although this maintenance loan has be replaced with the full time students loan. This package of student finance has the tuition loan and the maintenance loan included.
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The micro finance banks can provide student finance for the payment of school fees. The micro finance bank might not be able to give loan to a student, which is not working or earning any money because they need to be sure that the money would be repaid if given the loan. Microfinance banks would prefer to give out loan to the wards or an independent student who is sponsoring himself for the course or to school. Before the loan can be granted, the students ward or the independent student’s financial details would be checked, as this is paramount in getting convinced that the loan would be repaid.
The credit score, the household income, the type of work engaged, the school fees, the years of the loan will all be consider in provision of the loan. The fees will be paid directly to the school account and the teller or receipt will be taken to the school or course provider as a proof of financing from the bank.