Numerous students who had availed loans in UK have aroused albatross upto a mammoth amount. Therefore, students who have already been encumbered with cuffs will have to jilt their degrees halfway through and will have to forcibly begin paying back their debts with huge rate of interest to their lenders unless they can find any substitute mode of funding.
The interest rates applicable are as much as certain credit cards. The funding offices of various universities do agree with the situation which is unauthorised, yet their interaction has been partly responsible for keeping thousands of affected students in the nebulous period.
Sean McNally, the accounts manager at the London School of Economics, some time back had suggested that there was a need for US style finance system in UK and accordingly the Sallie Mae executives he had spoken to listened honestly. Loans in UK are easily granted by the Govt. to the undergraduates. However, the Career Development Loans are limited to 'vocational' courses sustaining not more than two years. Loans are also available for the Postgraduates even. While students pursuing in expensive fields like medicine and law can count upon banks for loans. The postgraduates, if they like may apply only to the Government backed research councils for support. But these bodies only have only enough funds for fewer applicants.
Loans in UK witnessed a new dimension as the Sallie Mae UK scheme was enthralling as it required no past income to be shown and no security was also needed. It banked on the costs of living, in addition to academic fees for multi year professional courses. It granted 15 to 30 years as repayment periods. The loans were widely welcomed as a boost for higher education in UK.
Despite the recession, the UK has been able to resist the sudden blow and has succeeded in recovering so far. Still people in UK are stone dependent on the banks or any other financial bodies to avail loans. Loan may be of any type, Secured, Unsecured and Payday Loans , but are always on the high priority as it has become a crucial part of the British people in order to lead a comfortable life.
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