Loans for international study

Neil_oliver

To answer a few of the questions raised. It wouldn!!!8217;t create a higher paid job within the UK as I plan on retuning to teaching. I am at the top of the teaching scale currently, although I am at the right stage to consider senior management where a masters degree would help. For me it is not about earning more money, but improving subject knowledge to continue a high teaching standard.

Im not looking at it as an investment, its an exciting opportunity. I know most of you might feel differently, but the idea of returning to studying is enjoying and exciting and well worth repaying a £20,000 loan if I were able to get it. However, I don!!!8217;t know that I could say the same thing if it were studying and living in London. Its not about a piece of paper, its about the knowledge and experience.

As for saving that amount and deferring, I can ask to be reconsidered, but I would lose the scholarship they have offered me which is worth $24,000.

Yes, I am 33 and yes I do have savings. As I said in my original post, I am putting all of that towards it, roughly £15,000.

The $76,000 is the total cost needed including tuition ($49,000), accommodation, books, living expenses and medical cover. The visa process is also assisted by the university.

I hope that answers everything. I know many of you will have a different view. Its really nice of so many of you to care about my financial welfare, genuinely. This has been something I have been working towards since October and not a snap decision.

Sncjw

I bet the living costs and course materials are way over the costs you have said.

So what if it has prestigious name and well known in America. Is it well known in the UK. Plus I don!!!8217;t think nane will help you at all. If your going to pass a masters it!!!8217;s down to your work and dedication. A name doesn!!!8217;t make it better.

Think about it would you hire someone who had average grades at Harvard or would you hire someone who had high grades at UK uni? I would select high.

Candyapple

So the course costs $76k / £55k.
The partial scholarship is $24k / £17k.
Your savings £15k.
Total remaining you need to find circa £23k.

1. Can you not see if the uni will give you a full scholarship instead of a partial one?

2. Do you own your own home? Any equity in it?

3. Can your parents lend you the money?

4. You say you're at the top of your teaching scale, how much realistically can you save in 1 year (if you had to defer)? Could you save close to the £20k?

5. Is the $76k cost for 1 year only? What about the second year where you said you wanted to 'do a year in industry' how will you fund your rent etc. then?

6. Do you have any assets you can sell such as a car?

7. £15k savings at 33 is not very much at all - especially given that you said you are at the highest scale in your job. Where has all your money gone?

Neil_oliver

Thank for the reply. I estimated slightly lower than the £23k you worked out because there is flexibility in how much i spend on rent out there. I don't own a house and unfortunately my parents don't have money to loan me as they are both retired.

I agree with you that my £15k could be a lot more, but the teaching scale has been increasing steadily and Bath is an expensive place to live. Still, i could definitely have been saving harder.

I have already asked the university to extend the scholarship, but without luck, and even though i could save a lot over the next year, deferring isn't an option, i can only be reconsidered. The main difference being i lose the scholarship they have offered, meaning i would be in a worse off situation.

As for a car, i do have one that i would sell but its not worth a lot (under £1000).

Candyapple

When is the course due to start?

If deferring isn't an option and you have no other avenues of getting this £20-23k together before you leave, how are you going to fund it?

If you did defer and were re-considered next year, what makes you think that you wouldn't get the scholarship again? I mean you've got it once already.

I just don't see how you can do this. If you don't have the money, you don't have the money.

Neil_oliver

The course will start in August, but I need to enrol onto it or decline much sooner (within the next few weeks).

At present i know i am unable to go, hence why I posted my question in the loans forum enquiring if anyone knew of a suitable loan i could apply for to enable me to go. Unfortunately no one has mentioned anything regarding loans so i am doubting anything suitable exists.

BorisThomson

US universities give out international scholarships like smarties. I'd be amazed if you were not offered one next year, or if you applied to another institution you may well be offered a full one. You could in turn use that as a bargaining tool to get more from your uni of choice.

I looked into this a few years ago. I couldn't go for personal reasons, but at the right institution it would have been cheaper to study in the US than here. That's what you're looking for, a solid institution but with more generous funding than you're currently being offered.

Cakeguts

You wouldn't be allowed to work there. Student visas are for studying only so your idea of working there for the 2nd year is not going to happen. Once you finish the course you will have to return to the UK.

Seems a lot of money to me for 1 year's worth of study and then returning straight back to the job you are doing now.

zippygeorgeandben

I'm going to go against the grain here and say 'Go for It'. Do your crowdfunding, dream your dream and you never know what doors it may open. You seem like a nice guy and aren't taking posts from posters emotionally Don't die wondering...

Simon11

Why don't you consider teaching abroad and earn money while travelling?

I'm currently living with my girlfriend abroad and she is teaching for a company.