Student account after 'finishing'

andyman2303

Evening All! Looking for some info - bit of a long story, so please stick with me

I started my degree in 2007, and would therefore be 'finishing' this July, and so would be expected to start paying interest on my student overdraft from then (if I'm wrong, feel free to correct me).

However, me being me, it's not that simple. I suspended my studies in Feb 2009; due to re-start this September - starting in Year 2 as I passed Year 1.

When I left, my overdraft with Natwest was maxed out at £1250, and as I was skint and without a job for a while, it didn't really get paid off. Now I've been working for a while, I've been paying off the overdraft in dribs and drabs, and I'm now down to about £800 (I haven't checked it for a while - just left my standing order going into it).

This is where it starts to get interesting. I didn't tell them I was leaving, as I fully intended to return, and so 'technically' was still a student. If I contact them to inform them that I'm still going to be a student until July 2012 (eek!), will they start asking questions, and possibly require me to pay interest from last Feb until this September??

I know I've done a bit of sticking my head in the sand (very unlike me...), so please be kind!

[Deleted User]

So have you finished already, or is it next July?

When I finished my undergrad, I was given 2 years interest free on my overdraft - so it could be paid off without interest being accured so long as I paid it off completely before the 2 years was up.

I would go into a branch and tell them of your new studies (if I'm understanding it correctly), they'll ask for proof, once you've provided this you'll get to keep the student account terms and conditions.

I'd not lie to them though - better to deal with any anomolies on the account asap rather than later down the line.

Have you actually been reducing your overdraft (what's available to you), or just not using it to the max?

MrsManda

Tell them you've had to extend your studies, provide evidence of your student status which says that you are due to graduate in 2012 and as you've been paying off your overdraft and thus putting money into the account all this time I doubt they'll have a problem with it.
Plus, if they do insist on transferring you to a graduate account after 2011, you should still get the 0% OD for a year anyway. And the other option, as you'll have paid off the OD by the time you start uni again is that you could open another account elsewhere if Natwest refuse to extend your student account. I really wouldn't worry much, student accounts usually give at least a year's grace when you leave on repaying your OD anyway in the hope you'll stay banking with them as a graduate/grown up
Talk to the bank, don't lie, tell them your degree has been extended because you failed a year and you should be fine. The fact you've been paying into the account will be in your favour. Though make sure you keep paying into the account and that you check the interest rate incase it gets changed automatically

andyman2303

I haven't finished, I suspended my studies there halfway through Year 2, and am going back into Year 2 this September - so I will be finished in July 2012. If I had stayed, I would be graduating this July.

So effectively, I've had a student account since Feb 2009, even though I've not been a 'proper' student, instead I've sort of been in limbo.

I've been paying it off wherever possible - I've had a standing order going in (only £10 a week) for quite a while, and have paid larger amounts every now and then, so it's been coming down for a while now.

Not sure if I described the situation brilliantly last night (was having a bit of a rubbish day!), but basically as I've said, I was a student, stopped being one for 18 months, and am going to become one again in September.

I don't know if anyone has been in a similar situation to me, but basically what I'd like to know is if I go into Natwest and tell them this, will they decide that they want me to backdate my account to last February, and pay interest on the overdraft as if it were a regular current account, or perhaps, even worse?:(

Do they have the ability to look at my income from my job going to a different bank, and decide they want me to pay more into the account now, or if I say that the £10 standing order, and more where possible is all I can afford at the moment will that be OK - as I'm trying to save some money for when I'm back and so would prefer to not have to do this!

Voyager2002

andyman2303 wrote: »

I haven't finished, I suspended my studies there halfway through Year 2, and am going back into Year 2 this September - so I will be finished in July 2012. If I had stayed, I would be graduating this July.

So effectively, I've had a student account since Feb 2009, even though I've not been a 'proper' student, instead I've sort of been in limbo.

I've been paying it off wherever possible - I've had a standing order going in (only £10 a week) for quite a while, and have paid larger amounts every now and then, so it's been coming down for a while now.

Not sure if I described the situation brilliantly last night (was having a bit of a rubbish day!), but basically as I've said, I was a student, stopped being one for 18 months, and am going to become one again in September.

I don't know if anyone has been in a similar situation to me, but basically what I'd like to know is if I go into Natwest and tell them this, will they decide that they want me to backdate my account to last February, and pay interest on the overdraft as if it were a regular current account, or perhaps, even worse?:(

Do they have the ability to look at my income from my job going to a different bank, and decide they want me to pay more into the account now, or if I say that the £10 standing order, and more where possible is all I can afford at the moment will that be OK - as I'm trying to save some money for when I'm back and so would prefer to not have to do this!

I think the advice given above still stands. All that you need to let NatWest know is that your studies will take longer than expected, and so you will graduate at a later date. And you need to provide proof that you now have student status, and will have up to your new graduation date.

And no, they cannot see payments into a different bank account. And even if they could, it ought not to make any difference.

southoftheriver

Not the same, but my course was extended by a year (I went and did a different course for a year) and all I did was take in a letter from my uni saying that I was now graduating in 2011 instead of 2010 and my account was changed. Didn't ask why. That was natwest.

zerno

My firend finished his degree course three years ago and he is still on a student account. as far as i'm aware unless you tell them you have finished they keep you on the account (he's been full time employed since leaving)

kazire

I have now graduated and have kept my account with barclays i had a overdraft facility of £1250 first 1000 intrest free after i finished uni they sent me a letter seeing if i wanted to change my account to a graduate one and had to pay X amount a month i said i wasnt intrested and they changed my account to a higher education one and i have kept my 1000 intrest free overdraft

hope this helps