Repaying different types of student loans

Freddie_85

I am thinking of doing a masters degree course, starting in January 2014. I completed my BA in 2012, and therefore the student loan I had at the time was the 'old type' (pre-Sept 2012).

The masters degree course will incur the new tuition fees, and therefore the repayment of a new loan will be different, in terms of when and how I pay it off (salary, interest etc.).

How do I work out how the two different loans will be repaid? Will they be grouped together or will they be considered as two entirely separate loans? Will I pay each loan off in different ways?

Thank for the help.

GwylimT

What masters course are you doing? There are only a select few where student finance is available, most are either self funded, you get a bank loan, or you apply for help towards fees e.g. a scholarship. The fees for a masters and an undergraduate degree are completely different.

Freddie_85

Oh I see, I was under the impression that student loans are now more readily available for masters courses.

It would be for an MA in Photojournalism at UAL.

Naf

I wouldn't have thought you'd be eligible. SF will pay for a Masters when that's the original undergraduate course you start on; but as an extra 'top-up' I didn't think they funded it at all.

GwylimT

No, you wont be able to get a student loan for that from student finance, there are career development loans, but you have to start paying it back when your course finishes, not when you are earning x amount, they are available from the Co-op, RBS and Barclays, they are up to £10K. During study and for one month afterwards the government will pay the interest on your loan, then you start paying it back at a rate decided between you and your bank.

There are bursaries and scholarships available, some are smaller around £1K and there are even ones that will cover all of your fees and even give you funding for living costs. Have a good look at university and see what is offered, if your masters is career based have a look at any possible help from businesses/councils in that specific area, e.g. arts council.

Freddie_85

Thank you for the clarification, the university does offer a variety of funding schemes so I should probably look in to those.

I'm guessing career development loans are much like personal loans in that they affect the applicant's credit history and so on?