The Higher Education Act (HEA) provides for a student loan consolidation program under both the Federal Family Education Loan (FFEL) Programs and the Direct Loan Program. Under these programs, a borrower’s loans are paid off and a new consolidation loan is created. These programs simplify loan repayment by combining several types of Federal education loans (that may have different terms and repayment schedules or may have been made by different lenders) into one new loan. The interest rate may be lower than on one or more of the underlying loans. In addition, the monthly payment amount on a consolidation loan is usually lower and the amount of time to repay may be extended beyond what was available in the separate loan programs. These features should result in more manageable debt and should make borrowers less prone to default.
Tuesday, December 30, 2008
Sunday, December 7, 2008
UK student loans
the majority of students, a loan will comprise of the tuition fee loan plus a maintenance loan, and this will be paid directly at the start of each academic term. Everyone on an eligible course qualifies for 75% of the maximum loan, regardless of income, and the rest is income-assessed. These loans accrue interest at the rate of inflation, which means that the amount repaid has the same value as the amount borrowed.
The repayment of loans is repaid through the tax system, and only begins after the student has left higher education and is earning over £15,000. This system of collection is known as Income-Contingent Repayment (ICR), because it tapers the repayment obligation according to the gross income of the account holder. It is distinct from the previous mortgage-style scheme in which the monthly repayments were fixed and account holders whose incomes exceeded the deferment threshold, were required to repay the entire instalment each month.
SLC becomes responsible for the administration of financial support after the award authority has completed the income assessment and eligibility elements of the application process.
SLC provides a broad range of products & services to education funding in the UK.
Part time students UK
The main sources of help for part-time students are:
1.A Fee Grant (to help with tuition fees) - paid directly to your college or university
2.A Course Grant (to help with study costs, such as books, materials and travel) - paid directly to you
What’s available will depend on your personal circumstances and the course you’re doing.
You won’t have to repay any help you get through the Fee Grant or Course Grant.
Your university or college decides how much the tuition fees are for part-time courses: there’s no minimum or maximum amount.
If you study part-time, it’s assumed that you’ll meet your living costs through work and savings. But if you’re on a lower income, you may be able to get financial support aimed at helping you pay for tuition fees and costs related to your course (such as books and travel).
The maximum Fee Grant you can get is based on how ‘intensive’ your course is - how long it will take to complete compared to an equivalent full-time course.
For the most intensive courses, a maximum of £1,435 is available for 2008/2009 through the Fee Grant and Course Grant combined.
If you’re receiving certain benefits, you’ll get the maximum Fee Grant and the maximum Course Grant available for your course’s intensity.
1.A Fee Grant (to help with tuition fees) - paid directly to your college or university
2.A Course Grant (to help with study costs, such as books, materials and travel) - paid directly to you
What’s available will depend on your personal circumstances and the course you’re doing.
You won’t have to repay any help you get through the Fee Grant or Course Grant.
Your university or college decides how much the tuition fees are for part-time courses: there’s no minimum or maximum amount.
If you study part-time, it’s assumed that you’ll meet your living costs through work and savings. But if you’re on a lower income, you may be able to get financial support aimed at helping you pay for tuition fees and costs related to your course (such as books and travel).
The maximum Fee Grant you can get is based on how ‘intensive’ your course is - how long it will take to complete compared to an equivalent full-time course.
For the most intensive courses, a maximum of £1,435 is available for 2008/2009 through the Fee Grant and Course Grant combined.
If you’re receiving certain benefits, you’ll get the maximum Fee Grant and the maximum Course Grant available for your course’s intensity.
Full time students in UK
sudents should study first, pay back when you’re earning
There’s a student finance package available to help with the costs of higher education. The main
sources of help for full-time students are:
1. Student Loans and grants from the government
2.bursaries from universities and colleges
If you take out a Student Loan from the government, you won’t have to start paying it back until
you’ve left your course and are earning more than £15,000 a year.
And any help that you get through a grant or bursary doesn’t have to be repaid at all.
Who does this information apply to?
The pages within 'Student finance: what you can get for 2008/2009' outline the help available if you:
first point you shoild live in England, and the second is that you are a new student, or you started in or
after 2006/2007
The package of financial help available will be different if you live outside England. It will also be
different for students who started in 2005/2006 or earlier - and for some students who started in
2006/2007 after taking a gap year.
There’s a student finance package available to help with the costs of higher education. The main
sources of help for full-time students are:
1. Student Loans and grants from the government
2.bursaries from universities and colleges
If you take out a Student Loan from the government, you won’t have to start paying it back until
you’ve left your course and are earning more than £15,000 a year.
And any help that you get through a grant or bursary doesn’t have to be repaid at all.
Who does this information apply to?
The pages within 'Student finance: what you can get for 2008/2009' outline the help available if you:
first point you shoild live in England, and the second is that you are a new student, or you started in or
after 2006/2007
The package of financial help available will be different if you live outside England. It will also be
different for students who started in 2005/2006 or earlier - and for some students who started in
2006/2007 after taking a gap year.
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