External loan for Masters student for living costs

KJGlew

Hi 
I hope all is well.
I am asking for help for my son.
He plans to do his master's at Leeds and will be applying for the £11250.00 tuition loan. However he will need money to live, is there any way he can take out a cheap loan to help with this? And what is his best, cheapest option? Many thanks Karen

DCFC79

KJGlew said:

Hi 
I hope all is well.
I am asking for help for my son.
He plans to do his master's at Leeds and will be applying for the £11250.00 tuition loan. However he will need money to live, is there any way he can take out a cheap loan to help with this? And what is his best, cheapest option? Many thanks Karen

With a loan he would need to repay it each month, would he be able to comply with this ?

A job would a solution.

KJGlew

I don't think he could earn enough per month to pay a monthly loan amount, are there any loans that he could pay back when he starts working? Thanks Karen

Ebe_Scrooge

KJGlew said:

I don't think he could earn enough per month to pay a monthly loan amount, are there any loans that he could pay back when he starts working? Thanks Karen

Does he not qualify for the maintenance loan in addition to the tuition fee loan from student finance ?  Or has he already done an undergrad course and therefore doesn't qualify ?

adamp87

I don’t mean to appear rude but will be looking for a part time job to compensate & help pay his living expenses? He won’t get a loan without income realistically 

Shakin_Steve

My son is doing a masters starting in September, he got a maintenance loan as well as tuition fees. That's four years x £9250 plus four years x ~£4000 + interest. Gawd 'elp 'im.

KJGlew

Ebe_Scrooge said:

KJGlew said:

I don't think he could earn enough per month to pay a monthly loan amount, are there any loans that he could pay back when he starts working? Thanks Karen

Does he not qualify for the maintenance loan in addition to the tuition fee loan from student finance ?  Or has he already done an undergrad course and therefore doesn't qualify ?

Hi Thanks for your reply. My son has already completed a degree course for 3 yrs and had student finance. Does this mean he can't get maintenance loan for a master's in addition to tuition loan? Thanks Karen

Shakin_Steve

KJGlew said:

Ebe_Scrooge said:

KJGlew said:

I don't think he could earn enough per month to pay a monthly loan amount, are there any loans that he could pay back when he starts working? Thanks Karen

Does he not qualify for the maintenance loan in addition to the tuition fee loan from student finance ?  Or has he already done an undergrad course and therefore doesn't qualify ?

Hi Thanks for your reply. My son has already completed a degree course for 3 yrs and had student finance. Does this mean he can't get maintenance loan for a master's in addition to tuition loan? Thanks Karen

Did you not read my reply? My son applied for, and received, a maintenance loan at the same time as his tuition fee loan. He is limited to around £3900 because my wife is a high earner, and we will have to make up the difference, but I think the maximum amount is around £8-9000, depending on parents' earnings.

Ebe_Scrooge

KJGlew said:

Ebe_Scrooge said:

KJGlew said:

I don't think he could earn enough per month to pay a monthly loan amount, are there any loans that he could pay back when he starts working? Thanks Karen

Does he not qualify for the maintenance loan in addition to the tuition fee loan from student finance ?  Or has he already done an undergrad course and therefore doesn't qualify ?

Hi Thanks for your reply. My son has already completed a degree course for 3 yrs and had student finance. Does this mean he can't get maintenance loan for a master's in addition to tuition loan? Thanks Karen

If it's a post-grad course, then you're entitled to up to £11,222 as a single loan from SFE.  There isn't a separate maintenance loan available for post-grad courses like there is with a standard under-grad course.

Shakin_Steve

This is where there may be confusion (on my part). My son won't graduate until the end of his fourth year, so is still an undergrad because he chose a four year degree with a masters for the final year. In his case, he can get a maintenance loan for all four years

Dr_Crypto

One small point about the SFE post-grad loans is that the interest rate is something like 6.6% which is worse than a normal bank loan. However, you don't have to pay them back until you meat the earnings threashold.