Borrowing money is a big commitment to make and it can be very easy to end up trapped by high levels of debt.
If knowing is half the battle, then hopefully what follows will help you to understand the options and make better-informed decisions. Here we go through the different loans available to different age groups which could help you fund your next move into education.
Loan type: Student Loan
Age: 16-18 years
If you’re under the age of 18 years, then a parent will have to sign your loan application before a firm agrees to lend your money. The reason for this is that all other loans are governed by contract law which has provisions against binding minors to contracts.
When applying for student loans at this age, it is important to remember that they have notoriously low-interest rates and long repayment periods so you won’t be exposed to the same financial demands as other applicants.
Loan type: Personal Loans
Age: 18-24 years
The options in this age bracket are, theoretically, limitless. As mentioned above, the limitations that apply to lending to minors expire at age 18 and any loan application you make will be treated to the same scrutiny as any other.
Student loans are available to help you enter university while start-up loans are a government project aimed to help fund small businesses. More information on this is available from the government’s advice service. A personal loan can be taken out for any reason and fund further education if this is an avenue you choose to go down.
Loan type: Mature Loan
Age: 24 years and above
If you still aren’t done with education once you’re old enough to be considered a mature student (aged 24 years or above) then you’ll need a loan to cover the cost of your education costs.
Whether it is database courses that have grabbed your attention or something relating to your current area of employment, Advanced Learning loans can help cover the cost of your training with organizations such as Computech.
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Original author: Toniosky2
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Original author: George Hodan