Alternative doctoral loans

I_B

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!

Dr_Crypto

You're self-funding a PhD? Are there no sources of funding suggested by your university? 

Clive_Woody

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.

jonesMUFCforever

Banks do not do student loans - only overdrafts.

Dr_Crypto

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_Ryan

jonesMUFCforever said:

Banks do not do student loans - only overdrafts.

I suspect OP is probably on about something like a Career Development loan. 

hnswst

An alternative would be to look for a PhD that is already fully funded - there are lots on findaphd.com or jobs.ac.uk

Moxley

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!  

MalMonroe

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.

MalMonroe

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.

MalMonroe

Mrs_Ryan said:

jonesMUFCforever 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.