NatWest - Professional Trainee Loan Scheme

The_One_2

Click HERE for the link

I've just started a BSc(Hons) Physiotherapy degree, i currently have the NHS Bursary and a reduced rate Student Loan

Has anyone on here taken one out? or got any help and advice ??


Thanks
The One

anewman

Firstly is the money you have already not enough if you live frugally? (i.e. do you *really* need a loan?) Secondly, if you are having genuine difficulties with money, have you contacted the appropriate department within your university who may be able to give some sort of crisis loan/grant?

Regards loans while studying, I recommend looking into an official Career Development Loan first! The difference is with the Natwest you will have a delayed repayment date, but interest will be charged from day one.

With a career development loan the interest is paid by the government until a month or 2 after finishing your course. An advantage of this is that it is basically free money. Take out the full £8000 and put what you don't need in a proper savings account, and you'll be making money. Also, when it gets to the repayment date, try either have the full amount ready to pay off the debt before interest is charged or get a lower rate loan to cover the amount.

Although if you have an NHS bursary and a reduced student loan a CDL might be difficult to get.

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1045441846,81288

wrexhamandy

Hey The One, I have one of the loans (well the special College of Law one to pay for my LPC but think it's the same thing just with a slightly better interest rate).

Has to be said it is an excellent loan. I shopped around with Barclays and HSBC first, but the Natwest one is good in that:
- You can increase or decrease the loan amount at any time on the same terms and with no admin fee (if you overestimate or underestimate what you need)
- You can increase or decrease the period of repayment at any time on the same terms or with no admin fee
- You can pay back 'chunks' or the whole of the loan early at any time with no early payment fees

Nowhere else I know did these, the flexibility is a God-send. Best double check it is the same with yours but I'm sure it is. Plus Natwest has generally always had excellent customer service compared to the others (and you can call your own branch regarding your account, not some foreign call centre or £1 per minute automated service).

As for the Career Development Loans, getting the interest paid for a year will definitey save you money. However remember after that they are just pretty much a normal loan with the high street bank you choose that is involved in the scheme (Barclays, Co Op, RBS and someone else I think) - and all the problems of not as good interest rates and not being able to pay off early or extend loan amount/period without penalties apply (though if you pay it ALL back BEFORE the first year finishes then no penalties and it's the end of, if you are 100000000% sure you could do that then it's the way forward). Oh and it's only up to £8000, if you need more it's not too helpful (I needed £17000 for my legal studies), though with some careful planning you can get the full Career Development Loan and then the Natwest loan to make up the rest you need.

Just my opinions though hope that helps,


Andy

dmg24

This loan is available from Yr 2 of an undergraduate degree.