Whether you are an international or UK-born postgraduate student, you might need some postgraduate student loans to further your education if embarking on postgraduate study in the UK.
The good news is that financial institutions are always looking to provide support to people like you. However, there are different types of postgraduate student loans and you need to know how they work to ensure you apply for the right one for you. In this blog we have a summary of great postgraduate loan options in the UK.
UK Government Loans
The UK government lets both UK and EU students access UK Government loans. Students can use the money to pay for university tuition fees. Some students might also choose to use the money to afford the cost of living. You can apply for the student loan online or offline based on how you prefer to complete the process.
There are plenty of private loan options that postgraduate students can consider when it comes to funding their PG studies. It is important that students give private loans full consideration and do not enter into an agreement with a postgraduate loan company lightly. If you do need help funding your PG program make sure you are fully aware of the terms and conditions and the repayment terms before signing on the dotted line. It is vital that you access your loan through a trusted body and we work with two private loans companies – Lendwise and Prodigy Finance – that may be able to help, however we recommend that you consider other funding options too.
Lendwise is a peer-to-peer UK-based company that provides loans and the rate might range from 7-12% APR. The interest rate that you will be charged will be based on the specifics of your application. Lendwise's lender members have financed these loans, so they come at a competitive rate. There is a simple online form that you will need to fill in online and the company will then analyse the data, and if successful, will send a funding proposal with the requested amount, payment schedule and your interest rate.
In the UK, private loans are available for both local and international learners. Most private lending institutions, such as Prodigy Finance, have systems that work very fast and can be completed online. For example, when you choose to access a private loan through Prodigy Finance, you can open an account with them online and commence the loan application process instantly. You won’t need collateral or a co-signer, and there are also no hidden fees that might make you feel frustrated later on.
There are many banks in the UK, and most of them can provide postgraduate students with loans at a competitive rate. However, before you start the loan application process, you need to understand how everything works. While local students might find it easier to access bank loans in the UK, if you are an international student, you might find it a bit more tricky, for instance, if you are an international student – and even if you are a home student – you will need to provide substantial proof that you will be able to repay the loan within the time stipulated.
As a postgraduate student there are plenty of postgraduate loan opportunities that you can avail yourself of to help you support your studies. However, before you start the application process, you need to be sure about your capacity to repay the loan, and be aware that delayed repayments might affect your credit score. Work out a realistic budget and try to stay on the safe side when accessing financial support to further your studies so you.
Disclaimer: Prodigy Finance and Lendwise are two of many potential funding options for postgraduate students. Other student funding options are available; research all your options thoroughly before making a commitment. Please be aware that Postgrad Solutions Ltd receives a commission from both parties for any successful loan applications taken out by Postgrad.com and LLMstudy.com users. Postgrad Solutions accepts no responsibility for your choice of loan and does not endorse or support Prodigy Finance or Lendwise. Prodigy Finance Ltd is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 612713. Lendwise Ltd is authorised and regulated by the Financial Conduct Authority under firm registration number 782496.