Student Loan vs M&S

omatski

Hi, wanted to get some opinions.

I'm am starting an postgraduate executive degree next week (work while I study for 2 years). I will need to take 2 £10k loans a year apart to pay for the course.

I have looked at the Student Loan Company, for a £10k loan interest is charged at RPI + 3% from the day I take the loan, but repayments don't start until I finish the course. On my current salary, repayments per month will be £100-120.

The M&S loan at 2.8% interest, over 7 years works out to £131.67 or I would probably do 6 years at £151.57.

Am I right in understanding that the Student Loan Company's loan is tax deferrable?
And which of these 2 loans do you think I am best taking?

Caz3121

omatski wrote: »

The M&S loan at 2.8% interest

do you already know you would be accepted at the representative rate? I applied for a M&S loan yesterday, have received an email to say accepted and agreement is coming by post but there is no reference to the APR being offered (I expect/hope it to be the representative rate but won't know till the paperwork appears and will not accept if it is higher)

Car1980

51% will get 2.8%. The other 49% will pay to subsidise the marketing rate and pay 6-20%.