Unlike support towards tuition fees, you have to repay any loans. The Student Loan is repaid after you graduate (or after you leave course, should you leave before completing). Repayments are calculated on a sliding scale and are repaid monthly directly to Student Loan Company.

Should your salary fall below £10,000 payments are suspended until you earn above this figure again whereupon you will recommence payments. Interest on Student Loan is calculated at a preferential rate which is far lower than any commercial bank loan rates.

Loans have unfortunate tendency to mount up your debt. If you take full £4,000 a year for three years that means you'll be £12,000 in debt by end of your course – and if you're on a longer degree programme, that total could be even higher.

You may freely reprint this article provided author's biography remains intact:

The disadvantages of tenant loans is that you will not be able to get such low interest rates or as much collateral as those who put up their home as security have access to. Rather than borrowing up to £100,000 which you can if you own a property, you will only be able to borrow up to £25,000. However there are benefits – loan will not be tied to your home so if you do have problems repaying, your home will not be directly at risk.

It is important to carefully plan and budget your monthly repayments to make sure you can afford to take out a tenant loan. Tenant loan lenders will be less relaxed about missed repayments because they do not have your property as security. Remember that although loan lender cannot repossess your property, they can still take you to court.

When applying for a tenant loan you will need to have three years accommodation and address details, and three years employment history. If you have moved address or job recently you may have more trouble getting a loan.

However there are loan companies that will offer you a loan whatever your situation, so make sure you are honest when making your application and you will be able to get a loan that suits you and your needs.

You may freely reprint this article provided author's biography remains intact: