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Student loan for the under 17s
Hiya,
I am the father of 12-year old twins and up until this year, my wife & I have been able to support the cost of our children's private education straight out of our salary every month without having to borrow. Unfortunately, in order to help with their cash flow, the school has decided to impose a 3% charge on families paying by monthly standing orders in order to encourage people to pay the school fees upfront or join a school fee plan (with Premium Credit Ltd behind it) who only charges 2.75%. The idea being that the company pays the school up front and the agreement is then between the company and us with the added benefit to repay monthly.
I have been reading a lot of threads and good advice about student loans but have found little about pre-university loans and I was wondering whether there is an alternative means of borrowing out there cheaper than 2.75%.
Any suggestions would be very welcome.
I am the father of 12-year old twins and up until this year, my wife & I have been able to support the cost of our children's private education straight out of our salary every month without having to borrow. Unfortunately, in order to help with their cash flow, the school has decided to impose a 3% charge on families paying by monthly standing orders in order to encourage people to pay the school fees upfront or join a school fee plan (with Premium Credit Ltd behind it) who only charges 2.75%. The idea being that the company pays the school up front and the agreement is then between the company and us with the added benefit to repay monthly.
I have been reading a lot of threads and good advice about student loans but have found little about pre-university loans and I was wondering whether there is an alternative means of borrowing out there cheaper than 2.75%.
Any suggestions would be very welcome.

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Comments
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Ooops, apologies. I was not sure whether the first one worked and was a tad cheesed off I had to retype it all again. I don't suppose there is an easy way to remove it?0
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There isnt (well you cant yourself), just let it die off. You would have seen it on page 1 with the thread title in bold and blue signifying a new thread.0
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Hiya,
I am the father of 12-year old twins and up until this year, my wife & I have been able to support the cost of our children's private education straight out of our salary every month without having to borrow. Unfortunately, in order to help with their cash flow, the school has decided to impose a 3% charge on families paying by monthly standing orders in order to encourage people to pay the school fees upfront or join a school fee plan (with Premium Credit Ltd behind it) who only charges 2.75%. The idea being that the company pays the school up front and the agreement is then between the company and us with the added benefit to repay monthly.
I have been reading a lot of threads and good advice about student loans but have found little about pre-university loans and I was wondering whether there is an alternative means of borrowing out there cheaper than 2.75%.
Any suggestions would be very welcome.
So, you want a loan for probably around £20k, to be paid back in less than a year at less than 2.75% APR? Good luck with that!
As someone suggested on your other thread, can you pay on 0% for purchases credit card. If you can, make sure they don't add a surcharge, which could be up to 5%.
I know you want the best for your kids, but if the extra £500-600 that the interest will cost you (on £20k?) puts you over the edge of affordability, then maybe you should re-think sending your kids to that particular school...
Also, I assume that this will be a charge placed every year? Is there anyway that you can save some extra this year to allow payment of at least one of the fees in full upfront next year? Or maybe for the year after that? You would only need to save up extra until you can afford a payment upfront, then you can save during the year for the next. As they are 12, I assume they will be at that school for the next 4 years, maybe 6.Santander Loan [STRIKE]£3003[/STRIKE] £2100AA Credit Card [STRIKE]£3148[/STRIKE] £2676Natwest OD [STRIKE]£1500[/STRIKE] £1370Cahoot OD [STRIKE]£1000 [/STRIKE]£650Capital One Card [STRIKE]£641[/STRIKE] £400Total [STRIKE](Jan 12)[/STRIKE] [STRIKE]£9546 [/STRIKE] £7196 (Now)0 -
joshmammoth wrote: »In school we used to get, if i remember correctly its called isa where kids with parents who are either self employed or were earning under 25k i think it was would get £30 a week. Im not sure if they stopped it because there were people in my year who had parents who were self employed business men or women who were earning over 100,000 but still their kids were getting £30 a week so if they haven't stopped it maybe look into it for your children, if the government still does it they could get £30 each, no charge to you from the time they start secondary school.
ema was only for years 12 and 13 i.e 17 and 18 year olds and has been all but abolished
and no kids whos parents who earned 100k(even self employed)got a penny0 -
If you have to borrow for this year's school fees, how will you manage next year? Or am I missing something?0
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barbarawright wrote: »If you have to borrow for this year's school fees, how will you manage next year? Or am I missing something?
We can afford to pay the school fees by the end of the school year, we just cannot pay all the funds at once. We usually finish paying in August. Comes September and we start from scratch again.0
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