I have a unsecured loan - I am becoming a student in September 2010

Pr3man

Hi Guys!

As the title suggests I'm going to become a full time student at an HE uni in the UK. I wanted to know if I can turn an unsecured loan into some sort of student loan, or low interest loan? I am currently with HSBC.

Any infor would be amazing!

Paul

sillystudent_2

I'm pretty sure (might be wrong tho) there won't be any way to turn/convert the unsecured loan into a student loan, though you could "turn" it into a student loan by paying off the unsecured loan as soon as your student loan comes through (assuming you can live off student overdraft/whatever's left of the loan!)

I've never had an unsecured loan before but read up on them when I was thinking of applying for one back when I was working full-time - from what I read although some lenders may give you payment holidays of a couple of months, no lender is likely to allow you to suspend payments indefinitely.

Another alternative (assuming its a big unsecured loan we're talking about) would be to use a small portion of the student loan to cover the repayments until June/July time - could you then work during the summer holidays and chip away at what's left of the debt?

Hope this helps sorry I couldn't be more useful! Hopefully ppl who've been in similar circumstances (i.e. bank loans/going to uni) will be along soon!

Pr3man

Thats brill info Ta!

I'll have to do the Maths and see how much is going to be available to me and if it is worth while me continuing the repayments and trying to save the student loans and jiggling the rest on 0% transfer cards lol

Pr3man

Anyone in the same crcumstances as me read this, I've cracked it!

I have applied for a career development loan, this will cover the cost of my current unsecured personal loan and the interest will be paid for upto 2 years during my study by the LSC (LEARNING SKILLS COUNCIL)

Whilst the interest is being paid I will save the grants and bursaries from student england to pay off the loan in full, thus turning an unsecured loan into student debt without paying interest for the term

Happy days!

Thought you'd like to know!

Paul