Over 24 student loan??

Midgi

Hi,

I am wanting to start a course that would normally cost £2500 but have been told I may be eligible for a student loan??

Would this affect my credit rating or the chances of me getting a mortgage?

So confused and don't want to mess anything up at this stage in my life.

Thanks in advance to all who reply x

Pixie5740

Student loans don't show up on your credit files. However, the monthly repayments you'll make would be taken into account when a lender calculates your mortgage affordability.

I took out a student loan when I was 25 and got a mortgage at 28 no bother at all. Good luck with the studies.

Midgi

you don't know how happy you have made me!! thank you so much x x

jonesMUFCforever

Who told you that you were eligible for a student loan??
It would not by any chance the person ''selling'' you this course??


I might be wrong but it does not sound like a University course so is it one of these career development ones?
My advice if that is the case is leave well alone.

longtermplanner

I agree with jones. If a course provider is suggesting that you take out a career development loan, you need to be VERY suspicious. Ask to talk to previous students that have done the course. Ask to have a look at the course materials. Ask to see a previous exam paper. Ask if you can turn up to a class.

If it is all online, then I have come across way too many people who say that what they were paying for was just rubbish and that employers weren't interested in the "qualification" at all.

Mrs_Ryan

It might be what I think is called an Adult learning loan or something- I have one to pay for my OU course but you can use it for any course not just a Uni level course. It's a fairly new thing- it covers tuition only but works like a student loan- it's paid direct to the college/uni etc.

Midgi

It is classroom based training and the loan is arranged through the student loans company via learn direct and covers my course fee only.

Does that sound legit??

bigadaj

Learn direct are a Private company so not a charity or an education institution.

I think you need to look at this in two parts.

First part is what is the qualification, will it get a better job and more money a nd pay for itself speak to others who've done it or even potential employers.

Teh second issue is the source and cost of funding, if it's a good course that will progress your career and is a normal student loan it may well be worth doing, though slc repayments have increased with another chnage in repayments having just occurred.

Mrs_Ryan

Yes it sounds to me like what I mentioned. It's quite legit- like I say I have one. Repayments start when you earn over 24k.