Working out your student loan - By: Daren Cari

At the time of writing, the British Government has a student loan calculator that is designed to help you establish how much of a student loan you can expect to receive. Usually, at this time of year, young people who are approaching their A2 exams are reading up on student money advice to be found online and looking up various other student money tips.

Working out your student loan is something that is done for you by the Government and depends on the entries that you make online when you visit direct.gov.uk and go to student finance. By visiting the Government website it is possible to ask the student loan calculator to estimate how much of a student loan you are entitled to.

Once you’ve received your estimate for your student loan you can then apply for the actual student loan on line by scrolling down to the paragraph below the student loan calculator on the direct.gov.uk website.

Your parents will probably be full of student money advice and student money tips but they can also help you directly by giving supporting financial information online at direct.gov.uk (student finance), which will help determine the level of your student loan and any university tuition grants that you may be entitled to receive which do not have to be repaid, unlike the student loan.

Student money tips
The Government website is there to help you and once you are registered and they have your details it is possible to log in and find out information with regard to when you will receive your student loan payments and for you to input other information such as new bank details for depositing your student loan.

Once you have finished your university degree, you can then find out online how much you owe and how much you’ll be asked to pay back each month, with the help of the student loan repayment calculator.

Student Money Advice
Many young people who have never been in debt are afraid of taking out the Government loan or taking the full loan they are entitled to from the Government. Probably the best student money advice you can receive is that student loans offered by the British Government provide the cheapest route to borrowing money and is designed to provide some very necessary financial support whilst you work hard for your degree.

People often worry about running up a Government student loan debt but a student loan is like no other debt you will incur in your life as the repayment terms are incredibly generous and don’t even begin until you are earning over £15,000 per annum. If, once you have concluded your degree, you land a job earning £20,000 per annum then you will pay 9% per annum on £5,000. If, for some reason, you receive a financial windfall, then it may be possible to repay your loan early and receive a discount.

The Government website with regard to student loans makes it as easy as possible to apply for a student loan and for you to know exactly where you are with regard to receiving payments. The best student money advice you can receive is to give full disclosure of all your finances because the Government student loan scheme is generous and fair and, despite possibly having parents with high incomes, you will not be unduly penalised.

If you are seeking student money tips online then the best advice is to find out first how much money you can expect to receive by way of a student loan and then work out how much you’ll need to plug the gap. Most people when looking for student money advice expect to have to raise extra money above the student loan by working and saving during the holidays. Of course, it is always a good idea to ask the Bank of Mum and Dad to make a regular monthly deposit into your account.

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