Going back to Uni and Careers Development Loan questions

GlynG

I'm looking to quit my safe and reliable (but tedious, menial and unrewarding) office job to change career direction by going back to uni full-time for a year in September to study a masters in Agroforestry at Bangor. I have just about enough savings to cover the course fees and probably my rent for a year, but I'm going to have to take out Career Development Loan with the Co-op in order to pay for bills and food for year (I won't go out much and I'm going to try and keep both costs as low as I possibly can).

1. Should I assume I should be ok to get a Career Development Loan with the Co-op or do they only sometimes give them out to some people and there's a chance I could be rejected? I have a good credit history and should think it'll be fine but I'm just wondering whether once I hear back from the uni on whether they accept me onto the course that I can assume I'm pretty much going and get planning the move, or if I need to stay on tenterhooks for a while longer till I then get an answer on the loan too.

2. Is it still the case that it's a good idea to take out the maximum CDL you can and stick it in a savings account for as long as possible to make a bit of a profit off it? Assuming there are saving accounts/other ways of saving available these days where the interest is enough to be more than real term inflation?

GlynG

Anyone....? Please help!


It’s since become more than just nice to have an idea sooner of whether I should get accepted for a CDL, to being really vital to have an idea of how likely it is – I rang a CDL information line today and found out applications take 4 weeks or so before you hear back.

To give sufficient notice to leave my job I need to hand my notice in within a week or two of now, so assuming I get on the course it looks like I’ll have to quit my job without knowing if I’ll get a CDL or not and if I should then not get it then I am really royally screwed as I wouldn’t be able to pay for the course and would be unemployed. The consequences for my life would be incredibly dire.

The_One_Who

I don't think anyone here can tell you whether or not you would be accepted or not. Most people are, especially if they have a good credit history, but then some people do get rejected.

Whether or not you take out the maximum is up to you. Savings rates are not as good as they once were (around the time this site's article was written when 6% was the norm) but then it would give you a bit of a cushion.

Oldernotwiser

In general I'd say you should be accepted for a PCDL but I wouldn't want anyone to take the sort of risks you'd be taking just on my say so; I imagine that's why you haven't had any answers so far.

Personally I would either leave it for a year or really get a move on. The term starts on 27 September and, if you hear about your loan in 4 weeks, you would be able to know where you are by the end of August, giving you the 4 weeks you need to give notice to your current employer.

Good luck in whatever you decide.

cardiffforthefacup

Have you already applied for the course? I decided to go last August on a one year full time, I applied for CDl through Barclays and phoned up come October as I had not heard every few days, finally got a no after telling them I had a deadline to pay fees, already by then had used up CC and overdraft to pay fees for first term. They even had the cheek to send a letter two days later asking for further proof even though they had declined my application. So then applied to CO-OP who were much more cooperative!! and they agreed to the CDL but not until November (again constant nagging as I had a deadline to enrol fully) by which time I had to go part time as if I fully enrolled I would have been liable to the full university fees whether I could pay or not. So part time was only option with an emergency loan to cover costs from a credit union while I waited until mid december for coop to sort out fees and travel costs etc.
Before people say should have got a job, I had been applying since the March before I graduated and have been applying ever since for temp, full and part time jobs but have even been turned down for shop work, so being a mature student have now decided to alter my CV so I can at least get more than one interview out of more than 100 positions I have applied too. My degree is in Biomedical Science and despite extensive maths, written and communication skills I am still unemployable. Even though the course is now over two years instead of one there is a possibility that I will still be unemployed after it as only one person has found employment in Biomedical Science out of 42 students from my course, despite accreditation and links with hospitals etc.
What you have to consider with the course you are taking is whether it will lead to employment at the end or further 'funded' studies. Is there anyway you could work part time as others who are full time on my course are doing. Have you looked at the form for coop as I expect you are better off claiming for course costs/fees and using your savings for living costs