Great Britain attracts the second largest number of exchange students year after year with its renowned universities and an excellent study system. Especially since the introduction of tuition fees, studying in Great Britain has brought some costs with it.
Even after the UK officially left the EU in March 2019, EU students will initially have the option of receiving student loans from the British government for studying in Great Britain, just like British students. This special rule applies to anyone starting their studies in the UK up to and including autumn 2019.
The student loans differ depending on the stage of study: Students receive the Tuition Fee Loans for studies in the undergraduate area. To study in postgraduate area 2016 since the winter semester postgraduate loans and from 01 August 2018 Postgraduate Doctoral Loans granted.
Bachelor in the UK: The Tuition Fee Loans
Tuition Fee Loans are available in Great Britain to finance the tuition fees for the Bachelor’s degree, which can be as high as £ 9250 at universities in England. The Tuition Fee Loans are a loan for the tuition fees. They offer an uncomplicated and comparatively attractive way to finance the tuition fees, as the loan has particularly low interest rates.
Requirements for receiving the Tuition Fee Loans
The selection criteria for obtaining a loan for tuition fees depend on certain factors such as the place of study and the respective study program. To qualify for Tuition Fee Loans from the UK Government, UK students must also meet the following requirements:
- EU and EEA citizens doing a full degree in the UK. To learn more about United Kingdom and Europe, please visit sunglasseswill.
- The completion of an undergraduate degree such as a bachelor or a country-specific clearance as the foundation degree.
- The degree must be completed at a state-sponsored university or college or a state-recognized private university.
Attention: The Tuition Fee Loans are calculated according to the individual needs of the student and either cover the entire tuition fees or only part of them.
Advantages of the Tuition Fee Loans for German students
The UK government transfers the loan for the tuition fees directly to the university concerned. The attractive interest rate results, among other things, from an interest rate that takes the inflation rate into account. Once the borrower’s income is less than £ 18,330 a year, repayments will stop. Only when the income is above this amount again does the borrower have to make repayments.
Repayment of Tuition Fee Loans
The repayment of the undergraduate loan begins after the Bachelor’s degree in April of the following year. The amount to be repaid is automatically based on the actual gross earnings.
For everyone who started their studies before September 1st, 2012, repayment plan 1 applies:
The loan will not begin to be repaid until the borrower has grossed more than £ 18,330 per year. If the gross income is over £ 18,330, the repayment will be nine percent of the income. For example, with an average salary of £ 30,000, the monthly repayment rate would be £ 87. After 30 years, all outstanding repayments will be written off.
For everyone who started their studies after September 1st, 2012, repayment plan 2 applies:
The loan will not begin to be repaid until the borrower has grossed more than £ 25,000 per year. From an annual salary of over £ 25,000, the repayment is nine percent of the difference between the annual salary and the income limit of £ 25,000. For example, with an average salary of £ 30,000, you would have to repay 9 percent of £ 5,000 annually. That’s £ 37 a month. After 30 years, all outstanding repayments will be written off.
Masters in the UK: The Postgraduate Loans
Since the 2016/17 academic year, there has been a government loan for the first time for postgraduate students in Great Britain. The Postgraduate Loan for a Masters degree in Great Britain can be applied for up to an amount of £ 10,609 and thus offers attractive partial funding for a Masters, MBA or LLM program.
Requirements for postgraduate loans
The Postgraduate Loans are available at all accredited colleges in the UK. Even those who already had to take out a loan during their bachelor’s degree can apply for a postgraduate loan. The Postgraduate Loans include all UK recognized Masters programs, whether Taught Masters or Research Masters. The granting of the loan is based on the following selection criteria:
- The age limit for starting studies is 60 years.
- The loan is also granted for distance / online study.
- For full-time study programs, a postgraduate loan is granted up to a study duration of 2 years and for part-time study programs up to a duration of 4 years.
Why are postgraduate loans worthwhile?
The postgraduate loan is awarded regardless of the income of the prospective master’s student. This means that, in addition to the postgraduate loan, it is possible in principle to take advantage of other financing options. A combination of BAföG abroad and postgraduate loans is theoretically possible. Students should, however, inquire about the combination of financing options with the relevant authorities, such as the responsible BAföG office, as receiving a postgraduate loan is a problem possibly affects the receipt or the amount of BAföG abroad.
Repayment of postgraduate loans
The repayment of the postgraduate loan begins after the master’s degree in April of the following year. Refund will not be due until graduates have earned over £ 21,000 per year for those who started their studies after September 1st, 2012 For those who started their studies after September 1st, 2012, the repayment plan applies. The repayment rate of student loans for studying in Great Britain is based on the income of the Master’s graduate and is calculated at a flat rate of six percent of the salary.
PhD in the UK: The Postgraduate Doctoral Loans
From August 1, 2018, there will also be postgraduate doctoral loans for doctoral programs in Great Britain for the first time. These can be claimed up to £ 25,000 and used to pay program fees and living expenses.
The Postgraduate Doctoral Loans are paid annually in three installments (33%, 33%, 34%) and are awarded regardless of the income of the prospective doctoral students.
Repayment of postgraduate doctoral loans
The repayment of the postgraduate doctoral loan begins after the doctorate in April of the following year. No repayment is due until graduates earn over £ 21,000 per year. The repayment rate of postgraduate doctoral loans for a doctorate in Great Britain is based on the income of the doctoral graduate and is calculated at a flat rate of six percent of the salary.