Graduate Loan

SammyJane_3

Hey

Not sure if anyone can help me but my problem is basically to do with a graduate loan I have. I am doing the Legal Practice Course on a part time basis and working full time. I arranged a graduate loan with natwest to borrow £10,500 which would be paid to me in installments as and when the fees were due to my law school. At present the total loaned amount stands at about £7000 and I am paying interest on a quarterley basis, I believe the last amount was £90. I already pay £120 each month towards paying off the loan but it feels like I am never going to pay it all off and the interest is slowly increasing with each new term. Is there any way I could perhaps pay this amount off by using another form of borrowing with cheaper interest. I have heard about people getting 0% interest credit cards for transfers but is there anything like this that I could use to pay off a chunk of the loan?

I am not very clued up with loans and what not so any help would be greatly appreciated!

Thanks!!

CLAPTON

whats the APR of the loan?

what do you want to achieve..
reduce your monthly payment?
reduce the interest charged?
or what?

if truely you are paying 90 interest per quarter on a 7000 loan then that works out at a very good interest rate of 4% (i.e. 90/7000 x 12/3)

SammyJane_3

I am not entirely sure what the APR is, I would have to look it up, although I know it is reasonably low because it is a graduate loan.

My aim is to see whether I can escape paying interest full stop by some how paying the loan off with another interest free method (like when you pay off a credit card by transferring the balance at 0%).

Thanks.