Recommencing studies with substantial debts

starryataris

Hello all,


I wasn't sure where to post this (new to the board and there is just SO much to read), originally it was in the student forum but someone there said i might have better luck posting here...

I will be starting a Graduate Entry Medicine degree in September and have applied for a maintenance loan from the SLC. I am hoping (fingers crossed) that I will be given Independent Student Status as I have previously funded myself for three years which will allow me to obtain the maximum loan with a proportion of the amount allocated as a grant. However, I have to find £1,300 fees this year and I am currently in a fair bit of debt:
- 3 credit cards - TOTAL DEBT £7,250
- Bank Account Overdraft: £1,750 (just been turned back into a student account so not being charged interest)
- Graduate loan: £680 (three repayments left - which I think I will save for)

I fully intend on getting a part-time job whilst studying although I have been told that the course is very intensive and I will not have much free time. I have been researching grants and bursaries that various charities offer, however the vast majority require you to be in at least your second year of medical study.

I have been researching Career Development Loans and have spoken to NatWest which have said I am eligible to apply, but will only offer £3,000 towards paying off previous debt on top of living expenses and tuition fees.

Basically I have read a lot of information and mostly know what is available to me, I just don't know what the best option is? I currently have a full-time job (£32k p.a.) and will be working right up until the week before I start university. I don't know whether to try and save as much of my wage as possible to supplement my living at university, whilst making the minimum repayments on my credit cards, calculated at approximately £190 per month, having balanced transferred them to interest free cards? Or should I try and pay off as much of my debts as possible now and then reduce my monthly debt repayment to as minimum as possible but have no other money available to me other than the Loan/grant I receive from the SLC to live off? Should I take out a CDL to clear my debts and then worry about the repayments after I have graduated and am earning?

Who should I talk to that knows a lot about the situation I am in and can offer unbiased advice?

I was going to put up an SOA, however my situation is just about to change obviously, so I'll put one up when I know my financial situation a little better once at uni.

Thank you for reading - sorry it is so long...
Starry

bottleofred

Hi,

Putting on a statement of affairs will definately help with advice etc.