Worth getting second lot of loans?

Geoff_Howell

Hi all,

I'm just finishing a PhD and I'm going to be starting a PGCE in September. I have Plan 1 loans from my first degree, but was wondering if it's worth taking out Plan 2 loans to cover the £9000 tuition and building up a larger debt portfolio?

Having read the various posts on this website it would suggest the short answer is "yes", I'm just worried about having the added debt on top of my current debt and what this means with the uncertainty over any potential future changes (given this government's willingness to retrospectively change the repayment rules).

Cheers,

Geoff

silvercar

What are your other funding options?

Geoff_Howell

I have some savings and inheritance from a Grandparent's death which would pay the tuition and then through the support of my girlfriend plus part-time work I'd be able to afford to live. I'd rather put it into a Help to Buy/Lifetime ISA though to start saving towards getting my first house with my girlfriend.

WibblyGirly

I'd take the loans personally as you only pay back a % depending on your earnings. You could spend all your savings then change your mind, earn less than £21k and that money is gone.

Voyager2002

Surely there are bursaries for teacher training?

Note that the PGCE is very demanding, so there is no possibility of working part-time during the training.