Post Graduate Loans

PMORRIS

My Eldest has obtained a PhD position, and has applied to her Bank, where she has been for the last 5 years. There has been no problems with her Bank, and she has checked her credit record with Experian and it is clear. She needs a loan of 7000.to cover moving and set up costs. I am unable to help. Her Bank turns her down with a standard letter. A follow up reducing the amount to 5000 obtains the same response. Another Bank has also turned her down. The income would be in excess of 17000, with annual increases and a good chance of additional work and pay. Where is she going wrong.?

PMORRIS

Extra to this thread the income is obtained without any deductions

BenL

Is she on the voters role?

Has she had credit before? (Proven to be able to pay it back)

£7000 sounds a lot to move home, is she just renting somewhere?

PMORRIS

She has been on present voters for over 6 years, has a credit card, contract phone, no problems. Yes she will be renting and covers all in goings from scratch.

mellymell_2

Is she doing a PhD or completed and got a postdoc job? I've just done my PhD, and banks dont like this. technically you are still a student, and you aren't getting paid. The money you get is a stipend from a charity/university/industry etc, so is actually a gift. That may be the problem. She may be better going for a student loan from the bank. Or get a letter from the postgrad department stating that she has been offered the position which will guarantee her x amount for the next 3/4 years. She could maybe use that to appeal???

PMORRIS

Thanks for the response. She is starting her PhD and has responded accordingly to her bank, but without any response other than a letter declining again. No personal response. I think the lack of properly qualified staff within branches only jobsworth people is giving no service to their customers. How can people apply and respect them when they do not get any respect or service. And yes I do have qualifications to support this stance.

CLAPTON

presumably she is starting her PhD in September/October... so at the moment she has no income?
is the PhD offer unconditional?
5000 would seem a lot if those were the circumstances.
could her parents not get a loan for her?

PMORRIS

Thanks for response. She starts mid May, and yes unconditional. Parents cannot help.May be moving with her. There is no property to sell will be renting fro 6/12months