Professional Studies Loan

lordFSA

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CLAPTON

why are the later years of your course very expensive?

lordFSA

CLAPTON wrote: »

why are the later years of your course very expensive?

More expensive in relative terms because Ill be getting less grants & loans. SLC only fund the first 4 years....NHS bursaries (for tuition and maintenance) kicks in for the last 2 years, which is less generous than SLC.

On top of that in the first 4 years I'm eligible for the uni bursary. But in the last 2, because NHS will pay the tuition fees, I wont get the bursary.

Approx figures to give you an idea of my predicament:
Years 1-4: SLC Loan = 3500, SLC Grant = 3000, uni bursary = 5600
Years 5-6: SLC Loan = 2300, NHS Bursary = 2800, uni bursary = 1000

If i start part time work, it might mess up the studying...... Ill go back to the day job over the summer....

paddyrg

CLAPTON wrote: »

why are the later years of your course very expensive?

Medicine - long and expensive course, lots of books to buy, electives to fund, and bars to empty ;-)

lordFSA

paddyrg wrote: »

Medicine - long and expensive course, lots of books to buy, electives to fund, and bars to empty ;-)

lol, the last bit is better left to the fresh school leavers who have had their first taste of independence.

lordFSA

Is there somewhere else you think i should post? I hope this is the right forum...

paddyrg

I think nobody can really help for certain. The credit scoring is handled very differently by each lender, and the ewuifax/whatever score is irrelevent, each lender has their own rules. And they are secret. Personally, if I were with one bank for lots of years, I would be asking them for the loan first. Switching just a year before you ask for a loan won't get you many extra brownie points compared with a history, but why not open a NW account as well, and use it as your studies account (books, lab kit, doctory stuff) keeping it in good condition and keep Halifax for personal stuff. At least you've then got some clean track record with NW and can still see if Halifax will help.

drew2k9

Credit scoring is nonsense! those numbers arent worth the time it takes to randomly generate them!

lordFSA

@paddyrg:

I appreciate the benefit of having an extensive banking history with a bank and approaching them with lending needs....the only issue is the specific product is only offered by NW. The professional trainee loan has the option of fixed APR at 8.9 with no repayments until I graduate. On top of that, I dont have to take out the whole lot in one go and start accruing interest. I dont think HSBC will offer the same incentive.


@drew2k9: credit scoring is that unreliable? how else are we to get an indication of what the banks may be thinking of us pre-lending?

paddyrg

lordFSA wrote: »

the only issue is the specific product is only offered by NW.

Yep no worries, I just mean why not start a banking relationship with NW as well as keeping your existing bank account - use the NW one for all your studenty things, and then in your loan interview if they ask you to move all your banking to them, you can, but you dont damage your relationship with HSBC in case you need it :-)

hannah9_2

lordFSA wrote: »

IF i were to consider applying for NatWests professional studies loan next year, should I switch the bulk of my current account banking to them to build a rapport?

HELLO sorry for the caps

BREAKING NEWS: NATWEST HAVE PULLED THE PROFESSIONAL TRAINEE LOAN SCHEME!!!!!!!! EXCEPT FOR LAW STUDENTS NOW. it was pulled 31 jan 2011.

natwest.com/personal/student-graduate/g2/graduate-borrowing/postgraduate/trainee.ashx dunno why you can still access this webpage but it should be down - I got it through google

only for law students now natwest.com/personal/loans/g1/professional-training-loan.ashx

ALSO YOU HAVE TO BE IN YOUR 2ND YEAR AT LEAST.

IF ANYONE ELSE IS READING THIS AND WAS RELYING ON THIS LOAN, THE ONLY WAY POSSIBLE IS IF YOUR FILLED IN FORM IS IN A NATWEST BRANCH RIGHT NOW ALREADY, DATED AT THE LATEST 31 JAN, AND THE NATWEST BRANCH THEN FAXES IT TO A GRADUATE MANAGER in which case it'll work

sorry to be bearer of bad news