Getting A Student Hardship Loan

Student loans are sometimes not enough to sustain you during
university, especially during the tougher times. Even if you
have a part-time job as well, there are times when some students
need more than they have at the moment. If you are one of these
students, then you should look at applying for a student
hardship loan. If you want to know more, here are some tips
about how to get a student hardship loan.

What is a hardship loan?

A student hardship loan is a loan to help students who are in
real financial difficulty due to unforeseen circumstances. These
loans were introduced in 1998, and you are eligible if you have
applied for the maximum student loan available to you. You can
apply to borrow between £100 and £500, which of course you need
to pay back. You can only make one application for a hardship
loan in an academic year, and it must be one month before the
end of that year. You can apply for the loan through the student
services department at your university.

Who is eligible?

Eligibility depends on how bad your financial situation is.
Usually hardship loans are only given to those who have
exhausted other means of finance, and without the loan they will
be unable to carry on. You will need to show that there is no
other option open to you, and that you are really in need of the
loan. Your university or college make the decision on whether or
not you can have the loan. If you are successful you can use the
loan for books, travel or general living costs.

Repayment terms

Repayment of a hardship loan is the same as the way you repay
your student loan. The Student Loans Company will pay the sum
directly into your bank account, and you will repay the amount
along with your student loan.

Hardship funds

There is an alternative to hardship loans, in the form of a
hardship fund. These hardship funds are also for students who
are in real financial trouble, but they are usually given as
grants and therefore do not need to be paid back. Eligibility
depends on both your financial circumstances as well as if your
course qualifies or not for a hardship fund. If it does, you can
apply for between £500 and £3500, which can be given as a lump
sum or as instalments over time. Hardship funds are usually
harder to get hold of, and are reserved only for the most needy
students.

Alternatives

If you are refused a hardship loan or fund, then you might want
to look at banking alternatives to get yourself out of trouble.
If you can work more without letting your studies suffer, then
this might be one answer. You could also get a credit card to
help you in the short-term, or ask your bank for an overdraft
extension. If none of these things work, then you might have to
borrow off friends or family and save as much as you can until
the situation gets better. However, if you are in genuine need
of money, you are likely to be accepted for a hardship loan or
fund by your university.

About The Author: Peter Kenny is a writer for creditcards-gb
Please visit us at
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John V

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