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Lone parents

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Original poster

Should I take out a career development loan to fund further studies ?

26 replies

lizzie479 · 15/06/2013 15:31

I am a single mum on benefits. Have been offered a place at a local uni to do a masters degree. Its a subject I am passionate about but in all likelihood is not going to earn me much more money. I have very little financial support, an old banger of a car, and a rented property, plus two little kids. Am I being silly even thinking of taking out a Career development loan? Would you do it? Has anyone done it? I desperately need something for me and to try and get out of this rut x

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ParsleyTheLioness · 15/06/2013 19:13

I did a BA pre family, so not in your position. But I think you could do it, for yourself, and also I think you may well find that it is helpful if you want to get further/back into your career. I believe that no education is wasted. You never know what it could lead to really!

SnoopyLovesYou · 19/06/2013 19:48

Can you tell me more about this CD loan pls? Sounds great! Think might get one myself! :-)

Chandras · 19/06/2013 22:41

It depends on the terms of the loan. Career development loans are not as nice and lenient as student finance loans, so consider the diferences and how are you going to pay it back especially if no income increase is likely after you complete your studies

Original poster

lizzie479 · 20/06/2013 14:31

Thanks for all your replies. Snoopy what chandras said is true. They pay the interest on the loan while you are doing the course and then for month month after completion. Then the interest goes on and the repayments start. According to moneysavingexpert.com it is then best to swap this loan with a cheaper high st bank personal loan. I am so skint though that I should not be really entertaining the idea. But I can't stop thinking about it :(

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allmycats · 20/06/2013 14:33

what is the alternative ? is it a life on benefits for the foreseeable future
or is there other work in the pipeline.
I, personally would go for it.

Original poster

lizzie479 · 20/06/2013 14:40

allmycats you have a very valid point. I am just worried that I will get the masters be £6000 in debt, the kids would have gone even more without, and I still can't find well paid work. The only other work seems to be as a teaching assistant and working my way back up to secondary school teaching again. But really I want to go into further education lecturing. I don't know how much more employable/how much more earning potential a masters degree in social sciences will give.

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Original poster

lizzie479 · 20/06/2013 14:42

Forgot to say I also still have a heft student loan from my uni/teacher training days. I am worried I am going to end up loaned up to my eyeballs !!!

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ThePskettiIncident · 20/06/2013 14:42

In my experience, be very careful in your planning. Regardless of your employment status post course you may have to start paying it back straight away. I did and it was quite crippling. You can't get ppi on a cdl, so look into a separate income protection insurance.

Also, you could only flip it to a graduate loan if you have the income to justify the loan, so again, check it out thoroughly.

Doing an MA was great, but it's taken me nearly ten years to pay off my debt from the study period.

Have you looked at scholarships and funding? The uni might be able to help with grant information. Not sure if the ahrc or equivalent for other subject areas, still fund MAs, but worth a look. It's very competitive though with only 20% of pplicants being successful.

Original poster

lizzie479 · 20/06/2013 14:42

meant to say 'hefty'

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Original poster

lizzie479 · 20/06/2013 14:48

Hi Incident. Thanks for your reply. I have looked into other ways of funding and have applied to the AHRC/ the Uni directly/various charities/even entered competitions but to no avail. I have also contacted my prospective lecturer as she was really enthusiastic about my research proposal and wanted me to go on to do a PhD afterwards. But she has no suggestions that I have not already tried. I can't even afford extra curricular activities for my children or to get the car serviced so I am being silly even thinking about a loan. I only applied as the uni advertised that they had lots of funding for masters this year! So I thought I would try. I have wanted to do a masters for ten years and just hate the idea of 'shelving' it. But think I must :(

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ThePskettiIncident · 20/06/2013 15:18

There are a few websites that advertise fully funded research degrees. You could set up alerts for them for anything.

I know how you feel. I want to do a phd but can't because of funding and childcare issues.

I know some teaching post grads attract bursaries, so maybe look to them just to get a foot in the door of academia.

There's also a thread in student parents that's got loads of info. Can't link but it's on here in education I think.

SnoopyLovesYou · 21/06/2013 10:58

Gingerbread will I think help you a little bit

SnoopyLovesYou · 21/06/2013 11:02

Wow Lizzie we really are in similar situations! I could become a teacher in one year but I don't want to teach in schools again. I want to be a lecturer too. It's extremely difficult and long (I have to do a second degree first!!!!!) but I think I'm going to start this September. It's totally crazy but I've put it off for 6 years and if I'm passionate about it, it will be worth it!

TwasBrillig · 21/06/2013 11:04

Could you wait until you are teaching part time, and then study part time?

I think from a similar -but - different situation here I'd want to ensure I had an income stream first to be honest. I'm wondering about returning to teaching part time to them enable me to apply elsewhere. I'd have loved to have done a phd but I need to support family. The only funded one I can see is ed psych and I'm still looking into that for the future!

SnoopyLovesYou · 21/06/2013 11:04

Anything that makes us single parents feel good and excited and progressive will be good for our children. At least that's my excuse! My ex's family always tried to put me off 'Another degree!' etc. etc. Now though, I don't need to listen to them any more haha!

SnoopyLovesYou · 21/06/2013 11:08

Lizzie I'm on benefits too renting accommodation. No doubt people will be critical- get a job etc- but do you know what? For the first time in my life I am in a situation where I am not suffering emotional abuse and so for the first time in my life I am going to do what I feel like doing. When I am a lecturer, I will be able to pay back my student loan and 'give back.' It will be a long road but I am very excited!

SnoopyLovesYou · 21/06/2013 11:10

Keep us posted as to what you decide on :-D

Original poster

lizzie479 · 21/06/2013 11:49

Snoopy its so good to hear from you. You are really brave. I just got an email from the dept today to say that I definately will not get a bursary but they still hope to see me in September. I do feel so down and trapped by my circumstances. Why did I have to pick the wrong man? He promised me I could do a masters when we had kids and then changed his mind about that and a lot of things (travel, working overseas etc). I gave up my career for him and now feel such a fool. I have just been looking into personal loans but with money so tight and no rich parents/supportive spouse to be there to catch the fall out I just feel reckless. I already feel sorry for my kids having next to no toys as it is. I wish I had a crystal ball! I did just look at a teaching post in a F.E.College and they wanted a masters degree ideally so I'm still thinking ........n I want to get back into boarding school teeaching and know they prefer masters degrees and that I was lucky to get my last post as it was in a very isolated area so not many takers! Now I'm back in an area of the country where competition is fierce. Should I just take a little teaching assistant position or take the plunge??? Where do you live snoopy? Wishing you all the best I'm sure you will succeed and you are very brave :) Thankyou everyone else for your thoughts as it is helping me decide xxx

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Original poster

lizzie479 · 21/06/2013 11:53

So it sounds like from psketti and twas funding for PhDs is difficult too?? I feel for you as its hard putting yourself last when your kids have to come first. I have applied for a furniture making course as I enjoy this as a hobby and it can be funded but it just does not give the same buzz as the thought of the masters :( I only applied for something else that is funded as a kind of compensation!

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SunnyL · 21/06/2013 11:58

I took a career development loan a few years ago. However my situation was different in that I was working full time and studying part-time so I had relative surety that I'd be earning when I completed the degree and could pay the loan off once the one-month grace period ended. In total I took about £3,500 and I'm paying it back over 4 years which is only about £90 a month. For me this is perfectly feasible. However I would have been cautious about taking this loan out if I didn't have much surety about a job at the end. What are the employment prospects for this MAsters course? Can the university give you a list of where graduates have ended up? Is it a very academic course or a more vocational course? Lecturing is very competitive to get into. Really you need to show ability to attract research funding as well as having good teaching skills. The way uni lecturers are measured is changing at the moment and teaching skills is becoming more central but ability to publish and attract new funding is still critical.

changechangechange · 21/06/2013 12:00

Little of use to offer, but lots of good luck with whatever you decide. I am in v similar position and trying to make basically the same decision - have Masters offer, unlikely to get funding, am currently LP on IS and there is no guarantee I would get straight into work afterwards.

My gut says to go for it and hope for the best (I have a v small amount of savings that I hope could cover the repayments for a few months after finishing), but tbh I'm not sure whether I'm going to be able to afford childcare anyway.

SnoopyLovesYou · 21/06/2013 13:40

Doing further study/ a masters opens up a world of opportunity and as single mothers this is very important to us as the world usually only offers restrictions on what we can do! Yes it costs a fortune w Childcare especially but its worth it in so many ways- some of which we can't even imagine yet...

SnoopyLovesYou · 21/06/2013 13:41

Is it a part time or full time masters op?

SnoopyLovesYou · 21/06/2013 13:44

I'm lucky in that my youngest will be in unpaid nursery class this year so will have a little bit more money to spend on the Childcare I will need. Also I'm doing the degree part time and they might let me start in second year. Fingers crossed!

Original poster

lizzie479 · 21/06/2013 20:44

Hi snoopy its part time and I just looked at the times which are monday 9-12 and friday 2-4pm not great times tbh as I live 17 miles away....hmmm you are right about restrictions though. I need to put my thinking cap back on. What is your masters going to be in btw?

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