career development loan and savings

lkmc01

I have just made the phone call to recieve the application pack for the career development loan. I have savings and so intent to cream a bit of interest of it to help fund the course by the following method, (if I get a loan) - http://www.moneysavingexpert.com/loa...nt-loans#boost

My student account is with natwest and my savings are with barclays, halifax, tesco and close brothers. Some are fixed accounts, some regular savings and an instant access account.

I know I can apply to the co cop bank for a career development loan, I have had no contact with them before, and I think I can apply to the Royal Bank of Scotland as I do not actually have any savings with natwest, but could I apply to barclays?

I am asking this because I thought I read on MSE that the same banking company can take my savings and pay off my loan with them?

Does anyone know where this is on MSE, I can't seem to find it anywhere?

Also does this apply for a career development loan? As I will be requiring childcare I am hoping to apply for the full £8000, and have £2000 of savings with barclays. It is a fixed reg savers account, which leaves me thinking can they not take it while it is fixed, but can they take it when it closes in December this year to pay some off of the career development loan? By then I should have £3000 in it, not including the career development loan itself.

Does anyone have any ideas on what to do?

Shall I just try with the co op bank and Royal bank of scotland?

I'm hoping to save the career development loan in a new instant access account with a guanteered bonus behind it for a year and get over 2% interest


thanks

Rafter

I think you will find that you have to apply direct to the learnings and skills development council for these loans as of 2 days ago (15th June)

As the government will be paying interest while you are studying, it does seem to make sense to go this route - if the government will allow you to borrow if you already have enough saved to fund your studies.

Good luck

R.

Crap_with_money.com

I may well be wrong, but I think they only take your savings or other funds if you fall behind in payments? Which if it's a career development loan, you won't actually be making any until you're qualified anyway, so that obviously wouldn't be enforced.

But like I say I could very well be wrong on that - hopefully someone more knowledgeable will be along in a minute to fill you in!