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A personal loan is a way of borrowing money from a bank or building society, which you can use for just about any purpose, although most lenders stipulate that the loan shouldn’t be used for commercial purposes. You choose the amount you wish to borrow an

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Student Loans
Full year 2009/2010Final year 2009/2010
100%72% Non means tested28% means tested100%72% Non means tested28% means tested
Students living away from home:
In London
Elsewhere

£6,928
£4,950

£4,988
£3,564

£1,940
£1,386

£6,307
£4,583

£4,541
£3,300

£1,766
£1,283
Students living at home:£3,838£2,763£1,075£3,483£2,508£975
Notes: Student Loan Scheme

The Student Loan Scheme is a Government-funded loans scheme introduced under the Education (Student Loans) Act 1990 and the Education (Student Loans) (Northern Ireland) Order 1990. The Act and Order provide for loans to be made towards eligible undergraduates' living costs whose home address is in England, Wales or Northern Ireland.

Applies to students normally resident in England or Wales. The APR for 2009/10 is 0.0% (wef 1.9.09). It is adjusted in line with the March Retail Prices Index or the highest base rate of a number of major banks plus 1%, whichever is lower. However the law allows the Government not to set a rate, effectively making it 0.0%. For loans taken out before 1998, it is adjusted annually in line with the March Retail Prices Index and is -0.4% (w.e.f. 1.9.09). Most borrowers currently repay over 5 or 7 years. Monthly repayments commence in April following completion of course. New system: Income contingent for students applying after 1998. Loan is means tested & repaid at 9% over current income threshold of £15K gross pa. Old system: Mortgage style for students applying before 1998. Current deferment threshold is £27,050 gross pa or £2,254 pm. For a student whose home address or base is in Scotland, the Scottish executive has put in place a separate package of grants and awards. The Graduate Endowment Scheme is exclusive to Scotland and it provides for an entirely different approach. For a student normally resident in Northern Ireland different rules also apply. The loans are made by Student Loans Company Ltd, 100 Bothwell Street, Glasgow G2 7JD. Tel: 0800 405010. Website: www.slc.co.uk or www.direct.gov.uk/studentfinance.
Disclaimer:
Any repayments shown above are for illustrative purposes only. All rates subject to change without notice. Please check all rates and terms before investing or borrowing.
 
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Student Loans Explained

Student loans assist in payment of the costs of higher education. These loans are provided by the Student Loans Company and offer a competitive rate of interest linked to market conditions.

You do not have to pay the student loan back until after graduation and you meet a minimum level of earnings, which is reviewed each year. Loans can be deferred if your income does not meet this level.
 
 

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