If you’re a student, you’ll know that managing money matters can be tough. Past secondary school, you may have to juggle tertiary education with part-time work, independent living, or both. Since students may not earn much (or at all), making ends meet may become a challenge.
Luckily, student loans are an option if you’re struggling with your finances. These can come from either government support or private lenders. If it’s the latter, there’s definitely a monthly cost to consider. You can try our student loan calculator below if you need a rough estimate.
Terms from 1 to 10 years. Representative example: 5 year £10,000 loan with comparison rates from 2.8% to 49.9% APR would cost between £10,728 and £27,321, including fees. The interest can vary between £728 and £17,321.
Overview of student loans
These days, many student loan companies can offer the funds you need. Depending on your personal and financial circumstances, they can provide you with different kinds of student loans:
- Student credit cards – Many banks in the UK offer credit cards for students with a relatively low limit. These usually have no annual fees.
- Overdrafts – If you have a student bank account, your bank may let you borrow money against it. Your bank may also charge no interest, so long as you can repay the amount by a certain time. Be wise, though, not to borrow more than you actually need.
- Guarantor loans – For this type of loan, you have to bring in a guarantor. This is someone with good credit standing who’ll pay off your loan in case you can’t. Guarantors are usually people close to the borrower, like family or friends.
- Personal loans – Get funds instantly and repay the full amount in monthly installments over a specific period. A word of caution though: personal loans have high interest rates. These should be a last resort in case cheaper options are not available.
Need help deciding which kind of financing to get, and from which lender? Compare student loans using our table here showing a list of lenders and the terms each provides.
Considerations for student loans
If you’re not in a hurry, you should think through applying for a loan. You’ll want to avoid being unable to repay any loan, which will negatively affect your credit record.
Here are some questions you may want to ask yourself:
- What amount do I really need to borrow? There’s often a temptation to borrow more than needed, maybe for other purposes. But remember that it means you’ll have to pay back a bigger amount as well.
- How much is the interest? Student loan interest rates can be quite high. Look around first for 0% interest financing so you can save on interest costs.
- How long do I need to pay off the loan? Ideally, you should take the shortest time possible to settle the loan. The longer the term, the higher the interest cost will be.
- How much income am I making? If you have part-time work, you stand a better chance of repaying the loan. Otherwise, we wouldn’t really recommend taking out a loan if you’re not working at all.
- Do I have other existing loans? It’s prudent to pay off first any other loans you might have before adding more. Having too many loans will not look good to lenders.
- What am I spending on regularly? Your money may be going to a certain lifestyle you’re maintaining. However, you’ll have to adjust that if you have a loan. Try delaying impulse buys or finding cheaper substitutes whenever you’re out shopping.
Your monthly budget should also be part of the decision process. When calculating your expenses, you should factor in the potential monthly loan repayments. Our student loan repayment calculator can guide you there.
Student loan calculator
Repayment Period
12 months
to 60 months
Loan Amounts
£7,500
to £25,000
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Repayment Period
12 months
to 60 months
Loan Amounts
£7,500
to £15,000
You are eligible if youre 21 or over and live in the UK permanently, you have a regular yearly income of £6,000+, you are able to make your repayments by Direct Debit, and you havent been declared bankrupt, had a CCJ or an IVA within the last 6 years. All credit is subject to status and credit checks.
Repayment Period
12 months
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Loan Amounts
£15,000
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Repayment Period
24 months
to 60 months
Loan Amounts
£15,000
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EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£5,000
to £50,000
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£7,500
to £25,000
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EST Monthly Repayment
12 months
to 84 months
EST Monthly Repayment
£1,000
to £30,000
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EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£100
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EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£7,500
to £20,000
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EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£7,500
to £25,000
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EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£7,500
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EST Monthly Repayment
12 months
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EST Monthly Repayment
£7,500
to £25,000
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EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£7,500
to £25,000
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EST Monthly Repayment
12 months
to 84 months
EST Monthly Repayment
£15,000
to £25,000
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EST Monthly Repayment
12 months
to 84 months
EST Monthly Repayment
£15,001
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EST Monthly Repayment
12 months
to 120 months
EST Monthly Repayment
£15,001
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EST Monthly Repayment
12 months
to 84 months
EST Monthly Repayment
£15,000
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EST Monthly Repayment
12 months
to 84 months
EST Monthly Repayment
£15,000
to £24,999
We've joined forces with Virgin Money and the team has been busy behind the scenes to bring the brands together and create one brilliant bank under the Virgin Money name
EST Monthly Repayment
12 months
to 36 months
EST Monthly Repayment
£15,001
to £20,000
Repay your loan over a period of 12 to 84 months on loans between £1,000 and £20,000, or over a period of 12 to 60 months on loans between £20,001 and £25,000
EST Monthly Repayment
24 months
to 60 months
EST Monthly Repayment
£7,500
to £25,000
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EST Monthly Repayment
12 months
to 84 months
EST Monthly Repayment
£5,000
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EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£7,500
to £24,999
Are you thinking of buying a new car, doing a spot of DIY or tidying up your borrowing but you are not sure how much to borrow? Use our loan calculator to help you.
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£15,001
to £20,000
You are eligible if youre 21 or over and live in the UK permanently, you have a regular yearly income of £6,000+, you are able to make your repayments by Direct Debit, and you havent been declared bankrupt, had a CCJ or an IVA within the last 6 years. All credit is subject to status and credit checks.
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£7,500
to £24,999
Personal Loan rate of 3.9% APR representative on loans from £7,500 to £35,000 over 1 to 5 years
EST Monthly Repayment
12 months
to 96 months
EST Monthly Repayment
£15,000
to £25,000
Make your plans a reality with a personal loan with fixed monthly payments, an instant credit decision, quick access to funds and no arrangement fee.
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£7,500
to £25,000
Log on to Internet Banking to see how much you could borrow and if youre likely to be approved. This won't affect your credit score. 3.9% APR Representative on a Personal Loan between £7,500 and £25,000 over 1 to 5 years.
EST Monthly Repayment
12 months
to 60 months
EST Monthly Repayment
£1,000
to £35,000
Weve welcomed award-winning lender, RateSetter, into the Metro Bank family to bring our customers a personal loan thats easy to apply for and simple to manage.
EST Monthly Repayment
24 months
to 96 months
EST Monthly Repayment
£20,000
to £25,000
If you're thinking about changing your car, tidying up your finances or making some improvements to your home, a loan from us could be the helping hand you need.
EST Monthly Repayment
24 months
to 60 months
EST Monthly Repayment
£20,000
to £24,999
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Minimum and maximum loan periods vary between 1 month and 10 years. APR varies between 2.80% and 71.30% p.a. Total interest repayments vary between £435 and £1,019 over the life of the loan. *APR is based on an unsecured loan of R£15,000 for a term of 3 years. WARNING: This APR is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different APR. These rates can change without further notice. All rates quoted are per annum.
