Student Loans Interest and Repayment Methods

 Student Loans Interest and Repayment Methods

 

 

From 1 September 2009 to 31 August 2010, a zero per cent interest rate will apply to income contingent Student Loans.

  

Finally, some good news about student loan interest rates for once!

 

student interst free overdraft 

 

Many students have no idea how they pay back their student loans after finishing University.

So I made this short guide to summarise the key facts on how to repay student loans.

 

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Online Student Loan Finance

 Practically 99% of the students in the UK have got online student loan finance from DirectGov. 

 

student_finances

 

They offer a maximum student tuition fee loan of £3,225 and a maximum student maintenance loan of about £3500.

 

Seems like the obvious way to go right? After the fiasco that happened this year, people aren’t so sure anymore.

 

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Student Loans Consolidation

 

Student loans consolidation is when one loan is taken out to pay off many others.

 

student-loan-consolidation 

 

You basically combine all your private student loans into one manageable loan. 

By getting student loans consolidation, you may save money in several ways. If your credit rating has improved while you have been at university, you may be able to find a better interest rate, or lower your monthly repayments by extending the repayment period.

  

Read my tips below on student loans consolidation to see if it’s the right thing for you to do.

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Student Savings Account

  A student savings account is a savings account designed specifically for students.

  

It’s important to learn how to manage your finances now your at University, and a student savings account should help. 

  

cashpig 

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Car insurance for students

 

Cheap car insurance for students is very hard to come by and can be insanely expensive…

 

 

 

car

 

It’s mainly expensive because most students will finish University before they are 25, and don’t get a chance to build a decent no claims bonus. Also companies that do offer cheap car insurance for students will assume everyone under 25 years old is a reckless driver, so if you have an accident you will probably have to pay a percentage towards the cost of repair, and your premium will go sky-high… Not good!

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