anxious about a career development loan

Laconic

After many years of hesitating and procrastinating, I've grasped the nettle and have committed to a Master's degree, starting at the end of the month. I've counted my pennies, considered other funding and it looks like the best thing is to apply for a career development loan, so I've done so with the Co-op and am hoping to hear back about it next week.

While I know no one has a crystal ball, with plans so far advanced and with myself being committed to leaving my job for uni, I'm hoping I've not left anything unconsidered.

Current status: Financially, I have no dependents. I have a car loan currently (Blackhorse hire purchase agreement), but as I do not need the car any longer and have paid off more than half, I'm opting for voluntary termination and handing it back. Otherwise I have a credit card with not much on it, which will soon have a balance of zero. I've worked full time for 9 years and haven't defaulted, missed payments or abused my overdraft limit. I'm on the voter's register and have been for years. I changed jobs and addresses two and a half years ago, but I've not moved since finding a permanent place. I have less than £16,000 in savings (otherwise I'd definitely not be asking for a loan).

Am I worrying too much?

[edited to add: I forgot. I will have one ongoing bill -- my mobile phone contract which is a grand £12 a month. I applied for it in July 2010 and that's the last credit check that I know has been run on myself. Thanks Martin for telling me about the risk of having several of them run.]

paddyrg

You sound like one of the maturest, wisest moneymanagers on the site. What part of the CDL are you worried about - whether you'll get one? Well they will likely see you as low-risk, but would still probably like some security for the loan.

Laconic

Oh dear, all those words and I forgot to say what I was worried about: yes, I am worried about not getting the loan. I'd still go but it would be very tight between fees and living expenses and with the course being research based, taking on any significant work commitment wouldn't be easy.

Thanks for the kind words and here's to hoping for the best.

paddyrg

I think your best bet will be just talking to your bank manager, explain what you're doing, and ask for her or his help in finding the right support from them... At least that way you'll know for sure, and have time to talk to other banks/lenders too, or see if you can get a mature student bursary from the college, etc.

Laconic

Update: So much for fretting. I just got a reply to say that in principle the loan is agreed. I'm weak with relief! Just need to return a signed agreement and forward one off to my university and I'm set!

Of course, I have to find two more thing to worry about: a) they've slightly mis-spelled my name despite my sending them clear ID. I'll just call up and check that that's not a problem! and b) now to see how to make sure I have cash for it at the end of the course!