When you graduate, you’re likely to get some cash back from the state, but it’s not exactly guaranteed.
You’re also going to need to make up for the costs of living you didn’t have in the UK, and you may end up owing more in your first year than you did before.
What can you expect?
To find out more, BBC News looks at how to apply to your loan, what to expect in the first year, how to take out your loan and how to repay it.
How to Apply for your Loan to Cover Expenses When you start your studies, you’ll need to apply with your lender for a loan to repay the cost of living and living expenses, including mortgage interest.
You’ll need a credit report from Experian to show that you can repay the loan.
It’s the first step towards making your loan repayable.
Here’s how to do it: Make sure you’ve got your loan in good working order.
Read your loan agreement carefully, and check that the loan amount you’re looking at doesn’t exceed the maximum allowed by the lender.
The maximum is usually £100,000, but you can exceed it if you qualify for a special repayment option.
If you’re a student with no other debts, you can get a loan if you meet the above requirements, or you can pay your loan off as a student loan and get the balance back.
Make sure the loan you’re applying for is good quality and is approved.
If the lender says they’re not sure, check with the loan servicer to make sure you’re approved.
Make a list of expenses you’d like to cover.
You may have to make some extra payments if you have to buy something, rent a house or have to travel abroad.
You might also need to pay the mortgage interest if you owe it.
To make sure your loan is approved, make a note of your costs.
For example, you might need to get a bank statement, an invoice for electricity and water bills, bills for food, and so on.
If there’s a penalty, the lender can apply it.
You can apply for more than one loan, but each one needs to be approved by Experian.
Read more about making a list to get approved.
You won’t have to pay a penalty if your loan isn’t approved.
Apply for a personal loan from your lender If you’ve had your loan approved, you don’t need to repay any of the repayments.
If, on your next visit, your lender says you don, you should tell them you’re getting a personal credit card.
The lender will let you know if it’s approved and what repayment terms you’ll have to take up.
Make the repayment payment in full by the next payday.
This is the same as applying for a credit card, and it’ll be repaid over time.
If your lender doesn’t approve, you could get a personal mortgage if you’re living in the same house or rent the same property.
This type of mortgage will cover up to 20% of your student loans.
If that doesn’t work, you may have the option to buy a property.
The repayments are usually based on the loan repayment amount, and are usually paid in instalments over the life of the loan, or on the first day of the following month.
The repayment terms depend on how much you’ve borrowed and what you’re earning.
If interest rates are low, you pay more, and if interest rates rise, you get less.
If repayments aren’t paid on time, the loan can go to arrears.
The rate at which repayments will go to the arrear is the APR.
If it’s less than the APR, the repayings are not covered.
You have a chance of getting your loan repaid if the lender gives you a ‘good faith’ letter saying the lender believes your repayment terms will be acceptable, but your repayments have not been paid on schedule.
If this happens, you need to contact your lender.
You could also be given a second letter from the lender explaining that you must repay the loans in full within 14 days of the letter being sent, or if the payment was delayed by more than 14 days, the debt will be paid back to you.
If a letter is given to you, you have the right to refuse it.
If things don’t go your way, you’ve the right of appeal.
If any of these steps fail, you will have to repay.
What to Expect in the First Year You can expect to pay your debts in instals over time, but not necessarily on the same day.
You need to do this as soon as you’ve paid off your loan.
This means you can’t delay payments.
You should also be prepared to repay as soon you’re able to repay in full.
If all else fails,