Is there such a thing as a private student loan?

(19 Posts)
KatyMac Mon 23-Mar-15 23:20:56

From any banks and are they a good idea or financially a disaster?

It was suggested as a way of funding a 3yr course so that wouldn't work

Apparently Barclays, Co-op & Santendar have them but all could find was the Career Development Loans

I've just been told about Student funder but that's for post graduate funding

I also posted this in Money Matters - but I thought I'd try here too

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Becca19962014 Tue 24-Mar-15 14:09:38

I don't think there are any officially. When I was at uni I was allowed a grant but my parents refused to pay towards it and I was forced to get a bank loan as well as a student loan. It was a dreadful experience, I really, really wouldn't recommend it.

The career dvelopment loan route I also experienced for masters study and that wasn't hugely better, 3 months after leaving my course (which was 3 months before the end of it as they wouldn't include dissertation) you must pay it back regardless of what you are earning which was an improvement on the bank loan for my undergraduate degree which had no such clause and was a nightmare. Actually I'd hope banks have moved on from doing things like that now so they probably haven't

Have you considered doing a course part time and working? I know it's not an easy thing to do but may be worth considering. If it is career based and your employer reasonable then they might help out financially (some do, some don't). There were charities that could help certain students but I can't seem to find that site anymore (I'll keep looking and post again if I can find it - it's possible it doesn't exist anymore).

I'm assuming you don't qualify for help from student loans company or whatever they are called these days hence asking about private loans.

KatyMac Tue 24-Mar-15 16:42:57

DD is applying for a uni abroad so isn't eligible for UK finance

Thanks

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Becca19962014 Tue 24-Mar-15 17:36:51

Okay (sorry for the irrelevant stuff in my post, I should have asked why she didn't qualify to begin with! Opps).

Anyway, has she spoken to the uni she is applying to regarding scholarships etc? They should be able to offer some advice, unless of course they were the ones who suggested a private bank loan.

If I think of anything I'll let you know.

KatyMac Tue 24-Mar-15 17:53:45

They were grin

Life can be complicated can't it?

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Becca19962014 Tue 24-Mar-15 18:26:01

Well there was always an extremely remote chance they didn't suggest it grin

which country is it? (If you don't mind saying of course)

Becca19962014 Tue 24-Mar-15 18:37:53

The British council makes some suggestions for funding here

Complete university guide have some suggestions here

Possible help on this site as well for students hoping to study abroad here

Information on the NUS website here

I'm not sure if any of these will be of use or not (or work, I'm not great at links!), but I had a quick look on your behalf. It's entirely possible ive given you even more useless information instead though! wink

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KatyMac Tue 24-Mar-15 20:19:37

I really appreciate the fact that you looked

Thank you

I'll start reading in a little bit (I have a minor emergency to sort out wrt an audition for tomorrow)

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KatyMac Tue 24-Mar-15 20:54:49

Hmm the general concensus is that you can't get any free money

Which tbh I'd assumed

Ah well it was a slim chance anyway

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Becca19962014 Tue 24-Mar-15 21:13:09

No problem. If I think of anything else I'll post. It's a difficult one unfortunately for your DD (and you).

KatyMac Tue 24-Mar-15 21:22:15

I think it means she won't go - it was a fab opportunity but unrealistic (& as yet she hasn't been offered a place)

She has an offer in the county with funding so it isn't all doom & gloom & she has another audition tomorrow (which is a big one)

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Becca19962014 Tue 24-Mar-15 22:54:10

I'm sorry to hear that. I've had a good look but nothing more has come up.

Good news about the other offer though and I hope tomorrow goes well!!

KatyMac Wed 25-Mar-15 07:47:52

Thanks for all your help - it was great to have someone helping me

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Becca19962014 Thu 26-Mar-15 15:41:41

You're welcome. I did check with someone I know who works in a uni as well unfortuantely she said there is nothing as well. I hope her audition went well yesterday.

KatyMac Thu 26-Mar-15 15:50:44

She says it was 'fine' Typical teen - we should find out by early next week (I hope)

She has 2 good offers & one offer of funding - so she is going to a great college either way

But thanks again

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Becca19962014 Fri 27-Mar-15 18:14:04

Ah yes the many interpretations of teenspeak. Fine covers pretty much everything in my experience! grin

Glad she has funding elsewhere and good places and offers. That's the main thing really!

KatyMac Sat 28-Mar-15 14:05:30

She got 2 offers today one with a small amount of funding & the other we'll have to wait & see

So 'fine' was great

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Becca19962014 Sat 28-Mar-15 14:53:55

Brilliant news!

KatyMac Tue 31-Mar-15 15:44:37

She just got an unconditional offer sad

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