Can International student gets a loan to finance it studies in the UK?

It is widely known that tuition fees for international students are very expensive in the United Kingdom. As stated in previous articles, universities and organisations provide scholarships each year but if you cannot have a scholarship, a student loan can be a solution to your financial problems. But can international students get student loans in the United Kingdom? In this article, we will try to answer this question by providing all the information and available options. 

What do we know about student loans?

Student loans are types of loans designed to help students pay their tuition fees and associated study fees. This loan can help students, but they will have to pay it back depending on the terms and conditions attached to it. 

In the United Kingdom, international students are NOT eligible to apply for government-backed student loans. International students can still apply for student loans provided by financial institutions and organisations. 

These are short-term loans provided by banks and other financial institutions. It is very important to check all the terms of the loan before applying. Interest on these loans is generally high, and the amount depends on your credit score. 

Things to consider before applying for a loan

• The loan repayment amount: this is the amount you have to repay as part of your debt. It is important to know as it may impact your budget. 
• The term of the loan
• The fees and charges associated with the loan
• The penalty in case of missed payments.

Banks and financial institutions provide student loans to foreign students.

Few financial institutions offer loans to international students in the UK. If you are a new student, it is really difficult to apply, as most lenders will ask for your credit history for the past three years.

Prodigy Finance

Prodigy Finance is a private lender offering student loans to international students from over 200 countries. Loans are offered to master students in their chosen universities and courses. Please visit their website for more information. 

Lendwise

Lendwise offers private loans to students residing in the United Kingdom. Lendwise is dedicated to providing education financing. Its interest rates, which vary from 5% to 10%, are extremely appealing. The loan starts from  £1000, and repayment terms range from one month to ten years.

AfriCred

AfriCred is one of Africa’s fastest-growing education loan companies, supporting African students in securing admission to universities abroad and providing loans through their network of partners. 

Loans provided by AfriCred cover tuition fees, accommodation expenses, textbook costs and other educational necessities.

Currently, Educational loans are available to students from, Nigeria, Ghana, Kenya, South Africa and Morocco. You can visit the company website for more information.

As previously mentioned, not many institutions offer student loans to international students. However, international students can also apply for normal loans from banks, credit cards, payday lenders, and other institutions.

Disclaimer: Emooves content is intended for reference purposes only. You should always carry out your own research and/or take specific professional advice before choosing any service. Reviews on services and companies are always welcome