Loan for apprentice

whasup

My son (18yrs old) is a second year student in electrical engineering. He needs a placement after July for 12 months to complete the practical elements of his qualification. He got himself a work experience placement during the holiday by offering himself for free and that has led to an offer of an apprenticeship for his final year. All good.

Problem is the work is all over the place so he will need transport. It's not the buying of the car - it's the insurance that's the problem. His apprentice pay will be about £5000 pa and the insurance company want about £3000 of that, which doesn't really work. There are plenty of loan and deferred payment schemes for uni students and there is a scheme for over 24 apprentices. But there appears to be nothing for 17 to 19 year olds.

Any advice would be much appreciated.

19lottie82

unless someone else knows something that I don't, then it's unlikely I'm afraid. He has a low salary and I'm guessing little or no credit history, due to his age.

Can he realistically afford to pay back 60% of his salary in loan repayments? Doesn't sound realistic to me.

Can he not pay the insurance in installments?
If not, would you be abel to take out a 0% apr credit card to pay for it, then he can re pay you?

BugsyBrowne

Did he not know that travel would be the most expense before he went down the electrical engineering route.

He'll have to take the rough with the smooth and live on shoddy wages until he's qualified unless you help him.

whasup

Yes, I'm coming around to that idea myself. It just seems slightly unfair that there are plenty of low interest or deferred payment schemes for all other categories except his.

iolanthe07

Surely his employer will provide transport, even if it is an old van?

Dabooka

whasup wrote: »

Yes, I'm coming around to that idea myself. It just seems slightly unfair that there are plenty of low interest or deferred payment schemes for all other categories except his.

I just wonder what schemes these are? I know about student loans for educational fees, but nothing about low interest loans for general spending.

Otherwise I'm afraid there's not much to add to what's been said other than car share / moped / second job.

bigadaj

The employer should really be providing transport if he's not based at a single location, I'd query it with them if I were you