Alternatives to Professional and Career Development loans

jmellors

Hi,

I'm posting this to hopefully generate some discussion about alternatives to Professional and Career Development loans, now that they have been axed by The Co-operative Bank.

Best,
Joseph

Lyngirl

Hi, this is related but not a discussion to alternatives but hope you or someone can help. My son took out one of these loans from the Co-op two years ago borrowing £10,000. He is coming up to the end of his course although he has to complete his dissitation and two essays and to set up a counselling business to do 8 hours of private practise. The loan repayments begin on the 1st September this year. I have paid for all of his course fees and I also promised to pay the loan off. The interest rate is 9.9% so I have read that the best thing to do is to get a loan at a much lower rate to repay the loan. As he has not been earning a lot, mainly due to his present profession and the amount of studying he has the past two years, he is struggling to secure a loan at his own bank, Royal Bank of Scotland. Has anyone else been successful in doing this or have any advice for us. Or would I be better off getting a balance transfer from my bank? I am a pensioner so it may be difficult. Any help would be very much appreciated.

jonesMUFCforever

I think you have done more than enough if I'm honest.
9.9% APR is not a bad rate. If his earnings are low then he will not get a better rate.
If his income is low can he not get a second source of income ie a second job?

BrassicWoman

if it's a masters or PHD you can now get a student loan


if it's something else - work and pay as you go?