Masters vs DMP: The Reckoning

Remulos

Hello Everyone,

I have been accepted for a Masters (part-time) but I need to make the first payment of £3700 before August to complete my acceptance. I was expecting a significant sum of money to come my way this month but that has fallen through and now I am at a loss for how to pay for it.

Because I am on a DMP and I have a CCJ, I can't get a Professional and Career Development Loan so my only option is to get a scholarship/grant or a personal loan. My credit rating is appalling and, quite frankly, I do not have the academic chops to be awarded a grant.

Am I screwed? I could probably defer a year and save the £3700 with the additional time but I'd never be able to save enough over the next 2 years to pay for the second year.

If you have ANY suggestions, please let me know. This course was the light at the end of the tunnel and it's fading rapidly.

Paully232000

I know you say you could defer, but could you not, (as from what you say you are not going to get a personal loan), cancel your application and re-apply in a few years when you have either saved up enough for the fees, or your finances have been sorted and you are more likely to get a loan.

Apart from borrowing off friends/family I cant see how you are to fund this course, unless of course they let you pay in smaller installments which are (if they are) more manageable.
I remember when I did an MSc, i was able to pay the fees to the University monthly over the year, can you do this.

Apples2

If you can't save enough to pay for the second year, how would you make loan repayments for the first year?

You won't be getting a loan like that anyway.

Save until you can afford it or think of something else to do.

Remulos

If it were possible to get a personal loan, I would try to get one to cover two years tuition (£7400) over 5 years. I will be working 4 days a week and my DMP should finish this year (but the CCJ will still be on my file) so assuming an APR of 20% the monthly payments would be around £190, I could afford the monthly installments.

IF I can find a personal loan...

CLAPTON

Remulos wrote: »

If it were possible to get a personal loan, I would try to get one to cover two years tuition (£7400) over 5 years. I will be working 4 days a week and my DMP should finish this year (but the CCJ will still be on my file) so assuming an APR of 20% the monthly payments would be around £190, I could afford the monthly installments.

IF I can find a personal loan...

whilst knowing nothing of your personal circumstance, one would certainly hope that no-one would provide finance to some-one on a DMP

In any event one is not supposed to get any further finance while on a DMP

Remulos

I have spoken to my DMP provider and they have said that it is a 'grey area' (not super helpful) where, though it is a personal loan, it is considered a student loan or professional development loan which will enable me to get a higher salary. They said that creditors would either be very happy with it as a higher education usually means a higher salary - quicker payment or it could be considered fraudulent.

As for paying off the loan, I will find a second job or sell my organs, anything.

Edit: Also, my DMP finishes in November so I would only have 2 months where I have to pay off the loan + DMP. After that, the money I pay to my DMP can cover the loan costs.

dealer_wins

Loan is NOT going to happen, plan accordingly.

lynz68

Really if you're in a DMP the chances of getting a loan are slim to none. Also my understanding is that while you're in a DMP you are not allowed to apply for further credit.

mashedavocado

I'd second what others have said - while you're on a DMP you really shouldn't be applying for further credit, and it is incredibly unlikely you'd be accepted anyway.

Also, you say that you could look to save £3,700 over a year if you deferred to next year - how would you do this? If you have that £300ish sitting around each month, should you not be paying that towards your debts?

Remulos

mashedavocado wrote: »

I'd second what others have said - while you're on a DMP you really shouldn't be applying for further credit, and it is incredibly unlikely you'd be accepted anyway.

Also, you say that you could look to save £3,700 over a year if you deferred to next year - how would you do this? If you have that £300ish sitting around each month, should you not be paying that towards your debts?

My current monthly DMP payment is £250 a month. From December onwards i will not have to pay it and I should be getting a slight pay rise in the next few months. I'd have to find an extra £160 a month to save enough between December and August. Before, i did not consider it worth it to take an evening or weekend job because even with my debts paid off quicker I'd still have the CCJ. Now I would get one and could make up the £160 pm.

But anyway, for the reason I mentioned, there's no point because I wouldn't be able to save the £3700 for my second year during my first year.

Vikipollard

Remulos wrote: »

My current monthly DMP payment is £250 a month. From December onwards i will not have to pay it and I should be getting a slight pay rise in the next few months. I'd have to find an extra £160 a month to save enough between December and August. Before, i did not consider it worth it to take an evening or weekend job because even with my debts paid off quicker I'd still have the CCJ. Now I would get one and could make up the £160 pm.

But anyway, for the reason I mentioned, there's no point because I wouldn't be able to save the £3700 for my second year during my first year.

Why not?


Defer for one year, start saving (now) for the first £3700 payment. From December you will have the £250/month spare plus what you are regularly saving each month from now. Because given you are asking about a loan whilst in a DMP, you MUST have the repayment money spare already, right? The £190 you were prepared to pay for the last two months of your DMP in your earlier post #4?


By my reckoning, that's £190 x 9 (Mar-Nov) = £1710, and then from December you have the £250 DMP money as well. So just continue saving throughout both years and you will be able to afford the second year's fees.