Student Loans In Your Country

Australia

In Australia, higher education fees are charged to all students and because of that Australian citizens with some limitations are able to obtain interest free loans from the government under the Higher Education Loan Programme (HELP) which replaced the Higher Education Contribution SchemeHECS).

Some domestic students are full fee-paying (non-Commonwealth supported) and while they are able to obtain subsidized loans from the Government up to a lifetime limit of $100,000 for medicine, dentistry and veterinary science programs and $80,000 for all other programs, they receive no other direct government contribution to the cost of their education.

However, overseas students are charged fees for the entire cost of their education and are ineligible for any loans from the Commonwealth.

Canada

Citizens, permanent residents , and protected persons are normally eligible for loans provided by the federal government in Canada, through the Canada Student Loans Program, in addition to loans which is provided by their province of residence. These loans are issued to full-time students and it is interest free as long as a student is in full-time studies, - the interest is paid by the government during the interest free period. When they are no longer in school, the loans immediately begin to accumulate interest. Repayment usually begins after 6 months at which time the accumulated interest is added to the loan amount. In most cases, the loan(s) must be repaid within 10 years after completion of studies

Funding is also available for part-time students through the CSLP but part-time students must make interest payments while in study and begin payments of principal and interest when they cease to be a part-time student.

Denmark

German universities are usually free for students although many federal states of Germany plan to introduce a student fee of about 1000 Euro per year in 2007). Giving out student loans is seen as a means to pave the way to higher education for lower class children whose parents can't afford to fund their children's education otherwise.

The eligibility for student loans is mostly dependent from parent income, as parents are required by law to fund their children's education including higher education, and therefore students could theoretically sue their parents for funds for their education (although this is rarely done for obvious reasons). For low-income families, BAföG loans take over when these obligations can not reasonably be met by parents.

United States Of America

Higher education loans differ fro scholarship and grants iwhich must be paid back. They come in several varieties in the United States:

Federal loans to students
Federal student loans to parents
Disbursement: How the money gets to student or school
Private student loans [ It is further divided into different categories]

1. Private student loan rates and interest
2. Private student loan fees
3. Discharge of student loans
4. Criticism of US student loan programs

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United Kingdom

The Higher education act will make significant changes to the loans system in England, Wales, and Northern Island from 2006. Upfront tuition fees will be abolished, with the fee being added to students' loans for them to pay back after their course is finished. However, instead of the tuition fee being fixed at around £1,150 for all universities (which, due to means-testing, not all have to pay), universities will be able to charge variable fees of up to £3,000. For students who have already started their courses and, as such, are still paying the upfront fees, can now add these fees to their loans if they want.

Types Of Student Loans

This can be divided into 3 different categories which are

1. Stafford Loan [Subsidized and Unsubsidized]
2. Federal Plus Loans and
3. Federal Perkin Loans

1. Stafford Loans [Subsidized]:
This loan is long-term and need-based, with a low-interest rate. The term "subsidized" means that the government will pay the interest on the loan while a student is in school or when the student requests a grace period or deferment.

Stafford Loans [UnSubsidized]:
This loan is long-term, non-need-based, with a low-interest rate. This type of loan is best for students who don't qualify for other types of financial aid, or who still need more money in addition to other forms of financial aid.

2.Federal Plus Loans:
These loans are available to parents whose children are attending college as full or half-time undergraduate students. They are awarded based on credit history and cost of attendance. The interest is low on this type of loan, but repayment usually begins within 60-90 days after full disbursement of the loan, or after the student graduates.

3. Federal Perkin Loans:
Perkins loans are awarded to students based on extreme financial need, and usually have very low interest rate. The total funds available to be disbursed for these loans is limited, however, which means that the amount of the loan will likely be relatively low. The interest doesn't start to accrue until 9 months after a student drops below half-time enrollment or graduates. If you're not sure if you qualify for a Perkins Loan, ask a college financial aid advisor.

Paying Bills Other Than School Expenses

This seems kinda wrong and I'm not sure about grants but federal loans can be used for anything you want although they are only meant for tuition, living expenses and supplies. Just accept more money than you need for school and your school will issue a cheque for the refund amount. You can then use this anyway you want; the lender does not verify if you are using it for school expenses.