Should I get a student loan to pay off my overdraft?

concrete_kid

I've recently gone back to university to do a nursing degree. I'm managing financialy with a part time job and the NHS bursary, and have not needed to take out a loan. I do have a £1500 overdraft, which I'm unlikely to be able to start clearing until I graduate and get a job (2 years).

My overdraft costs me £15-20 per month, it's 29% apr (I think). Should I take out a £1500 student loan to pay it off?

Thanks

National_Debtline

Hi concrete_kid

Now that you've gone back to university, are you not eligible for any student bank accounts with an interest-free overdraft, as opposed to your existing account? Just a thought.

Good luck with your studies

Dennis
@natdebtline

concrete_kid

I did apply for one with my own bank, but I was turned down.

Kitty777

concrete_kid wrote: »

I did apply for one with my own bank, but I was turned down.

How come? Can you not shop around? It will make things much easier.

concrete_kid

I think I will try and shop around and see if I have any more luck with other banks. I beleive I didn't pass the credit check, I have a default from about 3 years ago so I imagine it was that, although they didn't go into detail.

glentoran99

concrete_kid wrote: »

I've recently gone back to university to do a nursing degree. I'm managing financialy with a part time job and the NHS bursary, and have not needed to take out a loan. I do have a £1500 overdraft, which I'm unlikely to be able to start clearing until I graduate and get a job (2 years).

My overdraft costs me £15-20 per month, it's 29% apr (I think). Should I take out a £1500 student loan to pay it off?

Thanks

can you get a loan with a bursary? i know my wife couldnt

concrete_kid

Yeh, apparently you can. It will be the maintenence loan, not eligible for fees loan as there aren't any.

concrete_kid

I'm also keen to get rid of the overdraft, as it's my last debt and would feel great to pay it off.