Help! Student unsure what to do!

catpat

Hello everyone, I am sorry if this thread is in the wrong place, although I will be asking about loans too.

I have just finished my third year of medical school and after my fourth year was planning to add an additional year to do an extra degree. Only a few students are selected based on their academic performance and once I got my grades at the end of this year I expect I will be offered a place. However, when looking at my funding, it turns out once you are eligible for NHS funding from your fifth year of study, your income drops dramatically. Although my tuition fees would be covered, I would only get £1,800 for living costs during my fifth year and additional year. This would cover about a term. Once more, I am expected to take two months in my fifth year to do an "elective". This is required to complete the course and most do it abroad. I was offered an internship in USA, but with only £1,800 for my final year this looks impossible now. I have worked out that I would need £3,000 for an additional year for commuting costs, £5,000 for my rent and bills in final year plus £1500 for the most basic elective in the UK. £9,000....which my parents cannot afford. They give me money for food and some travel now (around £175 a month) but my Dad has major psychological problems associated with money and it took me losing 2 stone in my first year of university before he would give me that money (I only get the minimum loan of £3,500 at present). I've worked during sixth form and during my summer holidays as best I can; applied for loads of jobs but my area is quite difficult for jobs and I have only managed to make enough money to cover the shortfall between my basic living costs and student loan. My other option is to start part time work during my course. The problem is the medical school really does not recommend it, especially in my final years where my contact hours are 30 hours a week (and that doesn't include my self directed study time during evening and weekends!). I could work during my additional year as contact would be less, but this doesn't solve my problem for my final year. My overdraft is at its limit after I increased it to £2000 this year and I don't have childhood savings to crack in to. I don't think I spend a lot. I don't have a car or a fancy phone and haven't been abroad for years. I did join the gym last year, but looks like I will be cancelling that and cutting down on my food and clothes bills to try and do something.

So, what I am wondering is if there is any potential for a bank loan to help my costs. I know banks do not usually provide personal loans to students and there aren't really any that I can take out which I don't have to pay monthly straight away. I couldn't afford these monthly payments with £1,800...unless the repayment term was quite long and the APR low! The Professional and Career Development loan is possible, but they don't usually allow it for your first degree and uncertain if they'd count my final year as a second degree after my additional year?

I don't think I am a major risk for not paying a loan bank. I am ranked in the top 5% of my cohort and am extremely hard working. I know I would get a place on the Foundation Programme fine and plan to go into Surgery or Obstetrics and Gynaecology.

I am sorry about the length of this. But I am a real stressful mess and don't know what to do about it. I will be applying to Access to Learning Funds and charities, but, unfortunately, it will be difficult to prove my father's problems without breaking confidentiality, and I doubt they could cover all my costs anyway. Taking a year out to work is the next step, but then I'd be two years behind my cohort and again, the medical school says this is "not recommended" as I'd lose a lot of skills and knowledge.

Thanks for taking your time to read

Dunroamin

Have you asked your mother for any help?

Elvisia

Are there any sponsorships available for your course? Could you write to people already doing well in your field and ask them for sponsorship - I remember an acting writing to actors and getting quite a bit of funding that way. Have you actually gone in and spoken to your bank to see what options they have? Could you teach a few hours private tuition a week to earn a bit of extra cash? Could your parents (or mum or other relative) lend you the money, or give you some of your inheritance (from the house if there is any) early? Have you spoken to the university to ask about funding, I was a professor and I had a student who was borderline dropping out because he couldn't pay his fees, I went to the Dean and did some serious arm twisting and he got a job as my assistant in return for his fees. There were special circumstances though, we already had a student doing the job who did absolutely nothing so I was able to fire him and get in someone who actually wanted the job! Could you ask companies about getting funding and them going to work there when you graduate?

Ummm...can't think of anything else. More student loans?

catpat

Dunroamin wrote: »

Have you asked your mother for any help?

My mum makes less than £8,000 a year and contributes to the mortgage quite a bit. And I have been discussing it with her and she doesn't know what to do. Blocking it out. Dealing with my father's problems most of the time.

catpat

Elvisia wrote: »

Are there any sponsorships available for your course? Could you write to people already doing well in your field and ask them for sponsorship - I remember an acting writing to actors and getting quite a bit of funding that way. Have you actually gone in and spoken to your bank to see what options they have? Could you teach a few hours private tuition a week to earn a bit of extra cash? Could your parents (or mum or other relative) lend you the money, or give you some of your inheritance (from the house if there is any) early? Have you spoken to the university to ask about funding, I was a professor and I had a student who was borderline dropping out because he couldn't pay his fees, I went to the Dean and did some serious arm twisting and he got a job as my assistant in return for his fees. There were special circumstances though, we already had a student doing the job who did absolutely nothing so I was able to fire him and get in someone who actually wanted the job! Could you ask companies about getting funding and them going to work there when you graduate?

Ummm...can't think of anything else. More student loans?

Thanks for your help. Sponsorships; no I am not aware of any for medicine. I doubt this would be allowed for medical students who go direct to working as Doctors in the NHS? Likewise I couldn't go work for a company after graduating for this reason.

I have spoken to my Dean and he has suggested writing to our medical school Foundation to help me fund my additional year. I am going to try that. I don't know about writing to people in the field asking for sponsorship. Something about that feels a bit rude. But maybe I should forget that in my situation. I am writing to the Society for Promoting the Training of Women and the Vegetarian Charity for some small loans/grants.

I am going to wait for my Professional and Career Development Loan pack and go in to my Bank to discuss. Currently in London full time on research project but will do that at end of August (or pos a weekend if I make an appointment).

My medical school is aware. They have suggested I apply for Access to Learning fund, but that is more often for acute financial problems, but I will try. Job wise I don't know. Could think about tutoring in Biology and Chemistry but wouldn't know where to start! And although it would help pay for some food, not sure I could make £9,000 from it. I am going to talk to someone from school tomorrow. Weirdly (I think) they don't offer bursaries or scholarships based on academic merit. I've won a few prizes in my time, but they are usually £50-100 each.

Thanks for your suggestions.

dothebartman

Hi im a 3rd year post-qualified Dr. You should be a shoo-in for a PDL loan, with only 2 years left to study your a decent prospect. I took out a PDL 4 years before graduation (2005 ish) and literally just walked into the bank and asked for a sack of cash. I know we are still living in a post credit crunch world but if the PDL product still exists then i am sure you will be a good candidate. When they set mine up i had a meeting with a bank manager and they expect you to come in with a budget showing a deficit (ie why you need money to plug the hole). Dont stress too much about other sources of funding as i would be amazed if they didnt give you a reasonable amount of cash to see you through. (they gave me 14k and i know people that got up to 25k)

catpat

dothebartman wrote: »

Hi im a 3rd year post-qualified Dr. You should be a shoo-in for a PDL loan, with only 2 years left to study your a decent prospect. I took out a PDL 4 years before graduation (2005 ish) and literally just walked into the bank and asked for a sack of cash. I know we are still living in a post credit crunch world but if the PDL product still exists then i am sure you will be a good candidate. When they set mine up i had a meeting with a bank manager and they expect you to come in with a budget showing a deficit (ie why you need money to plug the hole). Dont stress too much about other sources of funding as i would be amazed if they didnt give you a reasonable amount of cash to see you through. (they gave me 14k and i know people that got up to 25k)

Unfortunately the old style Professional Loans were withdrawn from sale in 2011. Example link for natwest (which I can't post but is on google if you search for Professional Loans).

The Career and Professional Development Loan is a different kettle of fish, requiring certain criteria to be met, including your studies not being a first degree and a course that lasts only 1 or 2 years. So I don't know if I would be accepted for it to be honest, and not sure about risking application as I may get rejected and it would blight my credit score?

PasturesNew

As for working - have you thought of looking at babysitting? In the traditional sense of the sort of babysitting 13-18 year olds used to do, where the parents want to go out for the evening and need a babysitter. Mostly, the kids are in bed by the time you arrive, so you can study while babysitting. They often also feed you too I often used to get told "there's food in the fridge", or they'd even provide me with a meal they'd plated up from their dinner earlier.

catpat

I'm afraid I have no childcare or babysitting experience, so doubt I would be chosen to look after children over someone qualified to do so! And, unfortunately, I live in a small area just outside of Truro in Cornwall and would need a taxi back in the evenings, which I imagine would take a big chunk of money earned. Possible though, of course, but not entirely practical.

Taking a year out to work is looking more likely.

[Deleted User]

Man up and get a job.

It's as simple as that. If you can't manage work load of 30 hrs contact time and 20 hours part time work a week then how are you going to manage the stresses of the actual profession?

catpat

I study 20 hours a week *in addition* to my 30 hours of contact time. I can get a job for 20 hours a week, sure, but my grades would plummet and I'd miss deadlines. I am prepared to take a year out to work, but jeopardising my performance and future career prospects by damaging my grades is not acceptable. I was looking for helpful advice on approaching banks for potential loans before taking the step of interrupting my studies. I have never had credit and do not understand what is involved in taking out loans (although this website has been extremely helpful for letting me find out more). No need for rudeness, sir or madam.