Loans going to prevent me from goign to university

nadge

Hi,

I have just been accepted into Lancaster university. I currently have 2 loans. I have an interest free one at £2000 and a natwest loan at £5000. my repayments for the interest free loan are £135 a month and the Natwest loan is £195 a month. the repayments are fine at the moment whilst i am in full time work. But to go to university i am going to be moving to Lancaster and giving up full time work. i am getting £7,500 from student finance which will cover accommodation and food! I will then have to look for a part time job to help with other living costs. I am currently saving up to pay as much of my debts of a possible. The interest free loan will be gone by the time i go in September. But i will still have the big natwest loan and i am going to struggle with payin £195 a month.

Does anyone know of any options that may be available? can the bank reduce the payments? because if i dont find someway to manage this im not going to be able to go to uni!!

DCFC79

You can ask the bank if they could reduce the payments or what options are available for you although i cant see many or none open for you.

Any family who can help to pay it off and you repay them in small amounts.

opinions4u

Did this not cross your mind before applying for a place at university?

I think we're in to Bank of Mum and Dad territory here. Other options will doubtless crucify your credit file until 2018 and beyond.

nadge

opinions4u wrote: »

Did this not cross your mind before applying for a place at university?

I think we're in to Bank of Mum and Dad territory here. Other options will doubtless crucify your credit file until 2018 and beyond.

Yes it did cross my mind but I'm not a defeatist so i thought i would b a little crazy and apply anyway!

chesky369

Can you defer Lancaster for a year?

nadge

chesky369 wrote: »

Can you defer Lancaster for a year?

This is something i have though about. As if i left it a year i would have my debt paid off. and could go worry free! My problem is i'm going to be 25 when i go and on a 4 year course meaning i will leave at 29! i consider that to be an old age for leaving university and not to sure if i want to add another year onto it. This cud also be because of how impatient i am as well!

I do see what your saying and it mite possibly be what i have to do really as i cant see many other options. this would make a lot of sense.

I have been looking a credit cards where you can do a 0% money transfer. Could i not do this to pay off my loan and then at least i would not have interest for 20 months? and i could get it down a lot between now and September meaning i will have a more manageable repayment when i go to uni?

Plus once the balance is on a credit card i could just do a normal balance transfer with any remaining balance once the 20 months are over and move to another card... i'm sure i will be told many reason why this is either a bad idea or will not work?

iwilldebtfree

nadge wrote: »

This is something i have though about. As if i left it a year i would have my debt paid off. and could go worry free! My problem is i'm going to be 25 when i go and on a 4 year course meaning i will leave at 29! i consider that to be an old age for leaving university and not to sure if i want to add another year onto it. This cud also be because of how impatient i am as well!

:rotfl::rotfl::rotfl:had to laugh, I'll be early 40's when I finish uni!!! better late than never I say!!

nadge

iwilldebtfree wrote: »

:rotfl::rotfl::rotfl:had to laugh, I'll be early 40's when I finish uni!!! better late than never I say!!

Sorry I didn't mean to offend anyone with that comment!! More a personal thing for me if i am going to get to where i want to go! plus the industry i am getting my degree in is at risk of been saturated in 5 to 6 years! These are the reasons why i came to the conclusion i would be to old past 29-30!

I don't believe its ever to late to be in further education and i wasn't trying to suggest anyone who will be leaving uni past the age of 29 is to old!! the comment was more based on my specific circumstances!!

bargainbetty

Have you thought about getting a second job for a while (until September) to raise funds to clear the debts? You said the debt would be cleared next year, so you can't have too many payments left - perhaps you would be able to earn an extra bit every month. Do an SOA and cut to the bone to clear this and lossibly even save a little next egg for term funds - you can guarantee you'll need more than you think!

If you are moving, start to declutter via eBay etc - every penny you earn selling old stuff should go towards your debts.

I have to say, if the industry is already near saturation point, why are you going to study it now? Unless there are new big developments, you're giving up a lot for a career that might turn out to be a non-starter...

somethingcorporate

I think your only options are bank of mum and dad or pay it back yourself and defer.

I don't think a year will make all that difference to you when you reach industry but it will make a hell of a difference to your finances.

rdchick

Personally I am sorta in the same boat, I have nearly £8K of debt and looking to go into the forces and train as a nurse next year. I will also be 25 next October and won't be leaving uni until I am nearly 30 however knowing I have paid off every penny before starting something new is my ultimate goal xxx