Funding for second degree

PaulMagee

Is it possible to pay off the first student loan in order to take out a loan under the new terms and conditions.I know that if you have had a loan for a first degree then you cant get a second one. However if the first loan is paid off does that rule still apply. My daughter has an outstanding loan since 2008 of about £12000. We could possibly pay it off for her if it would allow her to take out a new loan.

bengalknights

No you would have to take out a private loan.

Im pretty sure student loans only cover first course.

Taiko

Paying off doesn't affect. The type of course you do may though.

nonnatus

I had a Student loan for my first degree in the Nineties.

It got paid off over about 10 years.

When I took a second degree in 2005 I had to declare the previous student loan but was awarded a new one with no arguments. It was the same amount as the other members of my cohort who had never had one before.

I've never heard the rule about only being allowed one loan in your lifetime....??

flutterbyuk25

If you have £12K to pay off her loan can't you just loan her that £12K instead?