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The No 1 Gold Stock for 2019

Student Finance: What Parents Need To Know

Personal_Finance / Student Finances Jul 24, 2019 - 04:26 PM GMT

By: Submissions


Managing kids’ education can be a bit challenging. This is true, especially now when schools, as well as colleges, are charging extremely high fees, and thus, quite difficult for parents to manage without any assistance. Are you wondering how to get a student loan or how to get a student maintenance grant? Read more to understand the problems that you might be facing with student loans.

Which are the two main costs to be covered?

There are principally two kinds of costs that a student will incur while at college. These include tuition fees and living costs. For both, parents can opt for a student finance account for their child and manage it better.

There can be a plethora of reasons for one to apply for the student maintenance grant. For example, you might have read in various teenage pregnancy essays about how common it has become for a juvenile to become a parent. These essays on teenage pregnancy show that in such a case when the undergraduate might have to take a break from college due to such a reason or might require extra financial help to manage child’s living costs as well, special grants are available. One can go through a variety of other free essay examples on the issues related to a student loan.

Thus, various allowances such as childcare, special support grant and parents' learning allowance can be applied for by schoolchildren. Few others include individual criteria too. For example, schoolchildren having disabilities, other mental health conditions or some learning difficulties, etc. can utilize scholar finance option.

Are you expected to pay your child’s tuition fees upfront?

The answer to that is no. No person will require you to pay the tuition fees upfront. The best solution would be to apply for the student finance loan. This tuition fee loan goes directly to the college. Also, a student is not expected to repay it until he/she graduates from college.

As a parent, it is not at all recommended to opt for a personal loan to cover up your child’s college fee. This is a more expensive choice because the student loan account will have a lesser interest rate than what you would have for a personal one.

How can a parent support their child’s student application?

After the application for a student finance account has been submitted, you as a parent would receive an official mail within 24 hours. This would have a link wherein you will need to provide household income details.

As a parent, you will have to provide your own account details along with your National Insurance Number to complete the process. The issuing authority also asks for the parents’ income details and past years’ tax details. Those that you submit are matched with their records, and accordingly, a student maintenance grant is given.

How to avoid delays in the application for your child’s student loan?

Here are a few things, which you, as a parent, must ensure so that no delays appear in the processing of your child's application:

·       Assuring that the child has furnished all the details accurately and without any modifications.

·       You were able to provide the necessary evidence and documents timely.

·       Making sure that your child sent the application as well as the declaration timely.

·       Ensuring that your kid knows how to register successfully at college after the application has been processed and a student loan has been granted.

It is essential to understand that for student finance, parent income also has a significant impact on it. As a parent, in general, you must be aware of all the applications’ requirements as well as all the documents and information that is being submitted to college as well as to the loan issuing authority.

Student maintenance grant can be really helpful for parents as well as schoolchildren those who can’t afford to pay for their college fee or manage their living with the current income conditions of the household. Not just for common applications, student finance account can be generated for special purposes as well, which are mentioned above in the article.

By Linda Heard

© 2019 Copyright Linda Heard - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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