Sponsorships, Loans and Bursaries - undischarged BR

XStartingAgainX

Hi everyone,

Am in a bit of a situation and would love some advice please!!!!

I went BR this February and am thinking of applying to do a masters...I presume that thats fine (!) but its the money situation thats stumping me.

Can I apply for a loan with my bank?! Ive got a Co-op cash minder and they are one of the banks who offer a Career Development Loan (which is supported by the Learning Skills Council who pay your interest for two years and then after that time you pay it back within 9 yrs).

Ive also found charities that give loans (Sir Thomas White Loan Charity for instance) who loan you money to study.

Then there are bursaries, grants etc that it seems I will not necessarily have to pay back ... plus sponsorships ... but I suppose what im trying to ask is: Am I allowed any of them?!?!

I would be sooo grateful for some advice, Im halfway through my form and just dont know if its waste of time until im undischarged. I had a letter from my OR who said they were looking into Early Discharge and to fill out another SOA for them to consider an IPO. Sent that in last week so obvs havent heard anything yet.

Thanks

XSAX

oneandonlyboy

I think it would be best to leave it till discharge. As an monies your receive could be classed as income if you intend to live of it. You will find it hard to get a loan even once discharged and for 6 years as bankruptcy stays on your credit file for that long,and if you did the interest would be very very high.

MissMuppet

I'd be interested to know where I stand with going back to education, I am discharged now and looking in to doing a degree... but like the OP I would need to get a loan, or grant/bursary of some sort.

XStartingAgainX

Thanks -

- thats what i thought with a loan - however it would be for tuition costs, not living allowance. But I suppose on the Banks side of things, its still applying for a loan. However it is one especially for students and is backed by the LSC. Its all a bit confusing for me...?!?!

I did plan NEVER to consider borowing money AGAIN, so the best option is for a bursary or sponsorship, where I am offered money and do not need to pay it back. However, I would be advised to tell my OR of this wouldnt i?

Maybe I should wait until Im discharged, but then I have to wait until next September. Or just go for it and try to pay for my masters through my wages alone....

XSAX