is the article on CDLs still valid? good idea to borrow the full amount?

edited 30 November -1 at 1:00AM in Student Money Saving
Mr_JoeMr_Joe Forumite
11 Posts
edited 30 November -1 at 1:00AM in Student Money Saving

I'm hopefully starting an MSc (Food Science) in september. It's a course that should open some doors. So permitting I get a 2.1 i'll go for it. I'd definetly need some help paying the tuition, so have been thinkin about career development loans.

I've read the article by martin that suggests taking out the full amount where possible and sticking whatever isn't needed in a high interest account to make some money back. Then when graduating paying all the money back to the bank aswell as getting a small personal loan to pay off any remaining, thus avoiding any high interest periods.

I'm wondering if this is still feasible because :

1 ) The article was written a while ago and banks may have cottoned on to this. I was on a student forum and someone said the loan they got from barclays is happy to accept early repayment but they'd have to pay the interest that would have accrued over their repayment period

2) due to the "credit crunch" good high interest accounts may not exist so the amount gained from borrowing the full amount may not be as much.

So i'm just wondering what to do really. Whether i'd be better off just getting a loan big enough to pay fee's, or getting the full amount and then having a 'safety blanket' of money in case something happens and i cant work part time. I'm confident the course will lead to a job.

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