Career development loan, as well as a grant?

macrae2100

Hi,

I'm applying for a masters course to start in October this year, the course comes with a tuition fees paid, and a £5600 maintenance grant. However that £5600 is not going to be enough to live off for the year, the accommodation alone will cost between £90 and £125 per week on a 50 week contract, so between £4500 - £6250.

The time-table and work load look pretty full on, so a 'normal' part time job is probably out of the question. But perhaps there's something online? Surveys etc?

So, what do people think my chances are of being able to secure maybe £2000 - £3000 from a career development loan to help top it up?

Is it worth applying for, or will it be a straight no due to the grant?

Thanks,

jonesMUFCforever

Never known a Uni course to last more than 40 weeks a year at most - that leaves 3 months to take any part time work available - see you at Macdonalds.


Since we do not know what course you are on we cannot advise about the career loan.

macrae2100

jonesMUFCforever wrote: »

Never known a Uni course to last more than 40 weeks a year at most - that leaves 3 months to take any part time work available - see you at McDonalds.

Thanks for your reply, but I've never known a masters course to last anything other than a full calender year. Unless you're really pedantic and count the last year of a 4 year undergrad degree, which my post ruled out by stating it's 1 year.

I've said it was a masters course, but if you need me to be more specific it's the MSc Nanoscience to Nanotechnology at Swansea University.

Thanks,

Puddylove

Congratulations on being accepted to your Masters degree.

Before you take out a loan, exhaust other possibilities;

Firstly, can you work between now and Oct and save money to last you through the year?

Secondly, can you find a PT job to help WHILE you study. I've got three Masters degrees (I know, I know ), worked a lot of PT hours and did well.

Thirdly, have you tried reducing your costs - maybe you could be a student warden for reduced living expenses? Or maybe there are opportunities for PG students to help with UG practicals etc?

Fourthly, check other grants in the Directory of Grant Making Trusts which is usually available in libraries.

Good luck.

jonesMUFCforever

macrae2100 wrote: »

Thanks for your reply, but I've never known a masters course to last anything other than a full calender year. Unless you're really pedantic and count the last year of a 4 year undergrad degree, which my post ruled out by stating it's 1 year.

I've said it was a masters course, but if you need me to be more specific it's the MSc Nanoscience to Nanotechnology at Swansea University.

Thanks,

What will you do at the end of it - doctor??
Only some occupations are eligible for career development loans.
See some of the banks websites to see if yours is one of them.

bigadaj

macrae2100 wrote: »

Thanks for your reply, but I've never known a masters course to last anything other than a full calender year. Unless you're really pedantic and count the last year of a 4 year undergrad degree, which my post ruled out by stating it's 1 year.

I've said it was a masters course, but if you need me to be more specific it's the MSc Nanoscience to Nanotechnology at Swansea University.

Thanks,

Jones comment is appropriate if not sympathetically made, a typical masters will consist of three terms, so around 30 weeks followed by a dissertation. The timetable would typically be around 30 hours per week potentially with lab and tutorial work on top, possibly some filed trips on top. No reason why you couldn't do a part time job on top. I did mine twenty years ago but managed to work through holidays during Easter and Xmas and also whilst doing my dissertation in the summer, though had several years specialist experience at the time which made it easy to earn better money than simple bar work for example.

jonesMUFCforever

I believe in calling a spade a shovel LOL

tomtontom

jonesMUFCforever wrote: »

What will you do at the end of it - doctor??
Only some occupations are eligible for career development loans.
See some of the banks websites to see if yours is one of them.

I think you're getting confused with traditional student finance, PCDLs are available for a massive range of courses, and a Masters at Swansea will certainly be eligible. Training to be a doctor is one of the few areas that would not be covered - the course is too long, among other reasons.

OP, your grant will not affect your application. The PCDL is a commercial loan, so you will be credit checked, and you'll need to be sure you can start making repayments almost immediately after the course ends. Good luck with your studies

macrae2100

Hi everyone and thanks,

From what's I've read on the Barclays and Co-op websites they're only suitable if you can't fund your studies sufficiently yourself, I'm wondering whether the tuition fees + £5600 would be considered sufficient?

I've applied for 1 more grant of £500 towards living costs, but it's a competitive one, so I'll have to be quite lucky to get it. I'm always on the look out for more grants. I'll be sure to check the Directory of Grant Making Trusts thanks.

Also, I'll be hoping to get a job in industry after graduation, and from what I've been told you get a chance to do your project (semester 3, may - august) in partnership with a technology company. Even if it's not in partnership with a company, most of that time will be in the lab.

Is there generally a difference between Barclays and Co-op with regards to acceptance?

Thanks again everyone

jonesMUFCforever

tomtontom wrote: »

I think you're getting confused with traditional student finance, PCDLs are available for a massive range of courses, and a Masters at Swansea will certainly be eligible. Training to be a doctor is one of the few areas that would not be covered - the course is too long, among other reasons.

OP, your grant will not affect your application. The PCDL is a commercial loan, so you will be credit checked, and you'll need to be sure you can start making repayments almost immediately after the course ends. Good luck with your studies

I am not confused at all - my old employers no longer offer this type of loan - I would disagree with it being a massive range of courses. You are right in that it is a commercial loan and the qualification is one that is likely to end up with someone able to get immediate employment to start repaying.

tomtontom

jonesMUFCforever wrote: »

I am not confused at all - my old employers no longer offer this type of loan - I would disagree with it being a massive range of courses. You are right in that it is a commercial loan and the qualification is one that is likely to end up with someone able to get immediate employment to start repaying.

Not sure what significance your old employer has - the PCDL in its current form has only ever been offered by two banks.

As for the number of eligible courses, I cannot think of any (non private) university that is not on the PCDL register, and all their Masters courses of less than two years will be eligible, plus of course all the professional courses - so well in the thousands. Or perhaps you could explain how only some professions are eligible, and this time actually quote one that is?