We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Need to borrow money ! :(
LISSILEIGH
Posts: 371 Forumite
in Loans
hi all
ive never borrowed money before and only had a credit card to pay my husbands petrol as he doesnt get the money back till the end of the month. this has always been paid off every month in full.
Anyway over the last year or so i have paid for myself to gain qualifications (after spending 7 years at home with my children and doing the odd part time job).
i now feel alive again and wanted to study further in order to finally follow the career path i have always wanted to do. in order to do this i need to do a degree which is the next step the cost of this is 3,200 for two years study. i can borrow this on a student loan but im wondering if this is the right thing to do or to have it as a personal loan? (as i dont want to pay interest over the next several years whilst paying it off) i would prefer to have a fixed term loan so that i no how much i need to pay or so that i can pay it off early without penalties
the thought of borrowing money scares me, of course i have a mortgage but i dont really have a choice if i want somewhere to live.
any advice would be really appreciated
ive never borrowed money before and only had a credit card to pay my husbands petrol as he doesnt get the money back till the end of the month. this has always been paid off every month in full.
Anyway over the last year or so i have paid for myself to gain qualifications (after spending 7 years at home with my children and doing the odd part time job).
i now feel alive again and wanted to study further in order to finally follow the career path i have always wanted to do. in order to do this i need to do a degree which is the next step the cost of this is 3,200 for two years study. i can borrow this on a student loan but im wondering if this is the right thing to do or to have it as a personal loan? (as i dont want to pay interest over the next several years whilst paying it off) i would prefer to have a fixed term loan so that i no how much i need to pay or so that i can pay it off early without penalties
the thought of borrowing money scares me, of course i have a mortgage but i dont really have a choice if i want somewhere to live.
any advice would be really appreciated
0
Comments
-
Out of the two options I would go with the student loan as the interest you will pay on that will be much less than a personal loan, plus you won't have to start paying it back until you are earning?Aug GC £63.23/£200, Total Savings £00
-
I agree with last poster - excellent advice.0
-
I would definately go for the student loan option. The interest rate is in line with inflation rate so the rate will be much lower than a personal loan. You also don't have to pay it back straight away once you leave, you get till the following April after graduation (although interest does start when you take it out). Repayments don't start till you earn over £15000 so if you do have any periods where youre out of a job or earning under that, you don't have to worry about the payments.
Good Luck with the studying.0 -
thanks guys for the advice, im going to be working whilst i study so can i pay it off as i go along???0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards