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Alternative doctoral loans

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I_BI_B Forumite
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MoneySaving Newbie
Sadly, I was rejected by the Student Finance Loan Company, only 3 weeks before the start of my PhD. I am currently unemployed, which makes the situation even harder. I have been researching alternative doctoral loans and came across many that have ridiculous interest fees (e.g. Future Finance). I am now looking into personal/ student loans from different banks, as well as charities/ trusts (though the pandemic forced many of them to suspend their activities).

I would appreciate any suggestions on alternative loans that would cover at least the first 2 years of my PhD (approx. £10000), as they seem very difficult to find. Thank you!

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  • Dr_CryptoDr_Crypto Forumite
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    You're self-funding a PhD? Are there no sources of funding suggested by your university? 
  • Clive_WoodyClive_Woody Forumite
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    I had thought all PhDs were funded. I suspect you will struggle to find a lender to fund a PhD with no guaranteed salary at the end and no ongoing re-payments.

    You might be better off hunting around for a funded PhD placement or saving up sufficient funds to self finance.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • jonesMUFCforeverjonesMUFCforever Forumite
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    Banks do not do student loans - only overdrafts.
    What goes around - comes around
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  • Dr_CryptoDr_Crypto Forumite
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    It’s been a good while since I was at university but all PhDs were funded as far as I remember unless it was someone from an ultra wealthy family doing history of art of something and even then the quality of student required for a Phd was such that it was very uncommon.
  • Mrs_RyanMrs_Ryan Forumite
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    Banks do not do student loans - only overdrafts.
    I suspect OP is probably on about something like a Career Development loan. 
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  • hnswsthnswst Forumite
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    An alternative would be to look for a PhD that is already fully funded - there are lots on findaphd.com or jobs.ac.uk
  • MoxleyMoxley Forumite
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    Agree that PhDs are usually funded. I was accepted to do one a few years back but the accompanying funding application wasn’t accepted. I took this essentially as a rejection!  
  • MalMonroeMalMonroe Forumite
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    I don't know where everyone is getting the idea that PhDs are usually funded, they're not! And never have been in my experience. I was a university administrator for 15 years and have also studied for my own degrees.

    There's some useful info here : https://www.gov.uk/funding-for-postgraduate-study

    The university where you studied for your Bachelors and Masters Degrees should have information about funding for PhDs, you could start by asking there.
  • MalMonroeMalMonroe Forumite
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    Moxley said:
    Agree that PhDs are usually funded. I was accepted to do one a few years back but the accompanying funding application wasn’t accepted. I took this essentially as a rejection!  
    They're not, though!

    And the establishment where you got your Bachelors and Masters should have been able to point you in the right direction.
  • MalMonroeMalMonroe Forumite
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    Mrs_Ryan said:
    Banks do not do student loans - only overdrafts.
    I suspect OP is probably on about something like a Career Development loan. 
    No, they're on about funding to study for a PhD.
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