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  • FIRST POST
    • PrimroseSJ
    • By PrimroseSJ 14th May 18, 11:58 AM
    • 5Posts
    • 1Thanks
    PrimroseSJ
    Loan for Student Fees
    • #1
    • 14th May 18, 11:58 AM
    Loan for Student Fees 14th May 18 at 11:58 AM
    Hi everyone!
    I feel like my situation is quite unique (if not, I haven't been able to find any help online!)
    I'm going back to college after 12 years to retrain as a Vet nurse, but the fees are 7,500 a year and I am not eligible for any student finance (already exceeded the amount I am allowed to borrow on my previous degree course).
    I'm just wondering if there is any help out there in the form of credit cards, bank loans etc to help with paying this off monthly? Any advice would be appreciated
Page 1
    • BrassicWoman
    • By BrassicWoman 14th May 18, 12:03 PM
    • 1,571 Posts
    • 6,599 Thanks
    BrassicWoman
    • #2
    • 14th May 18, 12:03 PM
    • #2
    • 14th May 18, 12:03 PM
    Will the college let you pay in installments?
    Jan 18 grocery challenge 105.13/ 150
    • zx81
    • By zx81 14th May 18, 12:04 PM
    • 16,854 Posts
    • 17,868 Thanks
    zx81
    • #3
    • 14th May 18, 12:04 PM
    • #3
    • 14th May 18, 12:04 PM
    I'm just wondering if there is any help out there in the form of credit cards, bank loans etc to help with paying this off monthly?
    Originally posted by PrimroseSJ
    There are many loans and credit cards out there. It's a question of whether you will get accepted for any.

    Try an eligibility checker as a starting point.
    • PrimroseSJ
    • By PrimroseSJ 14th May 18, 12:05 PM
    • 5 Posts
    • 1 Thanks
    PrimroseSJ
    • #4
    • 14th May 18, 12:05 PM
    • #4
    • 14th May 18, 12:05 PM
    They will let me pay the 7,500 over the year, which is 625 a month if I start now. It's a pretty daunting number when we have a mortgage to pay too!
    • Candyapple
    • By Candyapple 14th May 18, 12:24 PM
    • 2,866 Posts
    • 2,194 Thanks
    Candyapple
    • #5
    • 14th May 18, 12:24 PM
    • #5
    • 14th May 18, 12:24 PM
    Even if you managed to get a loan from a bank for 7.5k this year, you would still need another 15k loan to cover the remaining 2 years. So in total you are looking for a loan for 22.5k.

    What is your annual salary?

    How much is your mortgage payment every month?

    Please list all credit card limits along with any outstanding balances.

    Do you have any other loans / overdraft / car finance etc?

    Do you have any late payments / defaults / CCJs?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • John-K
    • By John-K 14th May 18, 12:29 PM
    • 654 Posts
    • 1,011 Thanks
    John-K
    • #6
    • 14th May 18, 12:29 PM
    • #6
    • 14th May 18, 12:29 PM
    Pretty much every loan will require that you start repaying it straight away, will you have enough income to cover these payments? By the third year that!!!8217;s a lot of money going out each month.
    • PrimroseSJ
    • By PrimroseSJ 14th May 18, 12:45 PM
    • 5 Posts
    • 1 Thanks
    PrimroseSJ
    • #7
    • 14th May 18, 12:45 PM
    • #7
    • 14th May 18, 12:45 PM
    Yes I suppose I would need a loan for the whole of the fees in one go!

    What is your annual salary? will be 2,800 per month
    How much is your mortgage payment every month? 750 a month
    Please list all credit card limits along with any outstanding balances. no credit cards
    Do you have any other loans / overdraft / car finance etc? car finance 150 a month and no loans (only student loan which will stop when I'm not earning anything)
    Do you have any late payments / defaults / CCJs? None
    • BrassicWoman
    • By BrassicWoman 14th May 18, 12:50 PM
    • 1,571 Posts
    • 6,599 Thanks
    BrassicWoman
    • #8
    • 14th May 18, 12:50 PM
    • #8
    • 14th May 18, 12:50 PM
    Yes I suppose I would need a loan for the whole of the fees in one go!

    What is your annual salary? will be 2,800 per month
    How much is your mortgage payment every month? 750 a month
    Please list all credit card limits along with any outstanding balances. no credit cards
    Do you have any other loans / overdraft / car finance etc? car finance 150 a month and no loans (only student loan which will stop when I'm not earning anything)
    Do you have any late payments / defaults / CCJs? None
    Originally posted by PrimroseSJ
    So your income while you have the loan is zero; and your guarantee of having the job at the end, in a very competitive field, is...?
    Jan 18 grocery challenge 105.13/ 150
    • Candyapple
    • By Candyapple 14th May 18, 1:06 PM
    • 2,866 Posts
    • 2,194 Thanks
    Candyapple
    • #9
    • 14th May 18, 1:06 PM
    • #9
    • 14th May 18, 1:06 PM
    If you earn 2.8k after tax now, do you have any savings?

    Will your partner's salary be able to cover the loan repayment amount PLUS your mortgage and other household outgoings?

    For a loan of 22.5k, you'd be looking at monthly repayments of 300-340 per month depending on how many years you took it out and what APR.

    Enter your details here, what does it say your chances are?
    https://www.moneysavingexpert.com/eligibility/loans-calculator/
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • PrimroseSJ
    • By PrimroseSJ 14th May 18, 5:13 PM
    • 5 Posts
    • 1 Thanks
    PrimroseSJ
    That will be the full income. It's my partner's income, I won't be earning anything. The loan calculator came up with about 300 a month which is more realistic and might be the way forward!
    • PrimroseSJ
    • By PrimroseSJ 14th May 18, 5:14 PM
    • 5 Posts
    • 1 Thanks
    PrimroseSJ
    So your income while you have the loan is zero; and your guarantee of having the job at the end, in a very competitive field, is...?
    Originally posted by BrassicWoman
    That will be my partner's income. job prospects at the end of the course are high. Much higher than design, which is what I'm doing now
    • BrassicWoman
    • By BrassicWoman 14th May 18, 5:52 PM
    • 1,571 Posts
    • 6,599 Thanks
    BrassicWoman
    so no income, and no job guarantee

    So the question is really what are your partners options for getting a loan?
    Jan 18 grocery challenge 105.13/ 150
    • Sncjw
    • By Sncjw 15th May 18, 7:09 AM
    • 1,778 Posts
    • 1,049 Thanks
    Sncjw
    Don!!!8217;t think it!!!8217;s a good idea. It seems like your not going to be working while your doing the course which will be problematic as the loan company will want the money straight away for paymanets which you won!!!8217;t be able to pay. This will result in more interest and fees plus possible ccj. Even if you qualify and get a job do you really want to start the job with that over your head.

    If your going to be doing be course full time how are you going to pay your mortgage as that!!!8217;s a priority debt. You don!!!8217;t want to loose your home over this.
    • jackieblack
    • By jackieblack 15th May 18, 7:37 AM
    • 7,719 Posts
    • 11,279 Thanks
    jackieblack
    and your guarantee of having the job at the end, in a very competitive field, is...?
    Originally posted by BrassicWoman
    no job guarantee
    Originally posted by BrassicWoman
    There is a shortage of RVNs, getting a job, once qualified, is unlikely to be a problem.
    Don!!!8217;t think it!!!8217;s a good idea. It seems like your not going to be working while your doing the course which will be problematic as the loan company will want the money straight away for paymanets which you won!!!8217;t be able to pay. This will result in more interest and fees plus possible ccj. Even if you qualify and get a job do you really want to start the job with that over your head.

    If your going to be doing be course full time how are you going to pay your mortgage as that!!!8217;s a priority debt. You don!!!8217;t want to loose your home over this.
    Originally posted by Sncjw
    Sounds like OPs partner can cover the mortgage just fine.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

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    • jackieblack
    • By jackieblack 15th May 18, 8:00 AM
    • 7,719 Posts
    • 11,279 Thanks
    jackieblack
    Hi everyone!
    I feel like my situation is quite unique (if not, I haven't been able to find any help online!)
    I'm going back to college after 12 years to retrain as a Vet nurse, but the fees are 7,500 a year and I am not eligible for any student finance (already exceeded the amount I am allowed to borrow on my previous degree course).
    I'm just wondering if there is any help out there in the form of credit cards, bank loans etc to help with paying this off monthly? Any advice would be appreciated
    Originally posted by PrimroseSJ
    Hi Primrose
    I'm guessing you're doing FdSc/BSc vet nursing? Starting in September?

    Although you haven't said so, reading between the lines it sounds like your partner is going to be covering your living expenses while you're studying? Will you be eligible for the maintenance element of a student loan?

    Are you working at the moment?
    Are you able to start budgeting now as if you're not earning and squirrel away as much as possible between now and September?
    If you're going to apply for a loan/credit card, it'd be better to do so before leaving your current job.

    How is your course structured? Depending on how your course structures the placements is it possible for you to work part-time while studying? If your course structure is such that you're on placement over the uni holidays, the maintenance loan is slightly more to account for this.

    If you can't sort out your finances for this September, are you able to defer your place for a year while you save up like crazy/take a second job and save as much as possible to enable you to be better placed for your financial commitments for the following 3/4 years?

    If not, could you get a student nurse position at a vet practice and do the diploma instead? That way you'll be earning while studying and (I believe) the fees are much less.

    My daughter qualified as an RVN last year (with several job offers, and is already earning more than me). The whole third year of her course was spent on placement so there were no tuition fees for that year.

    Good luck. It's really hard work, emotionally as well as physically, but incredibly rewarding.
    Last edited by jackieblack; 15-05-2018 at 8:21 AM.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • jackieblack
    • By jackieblack 15th May 18, 11:20 AM
    • 7,719 Posts
    • 11,279 Thanks
    jackieblack
    Possible option here?
    https://www.futurefinance.com/uk/mla/v2
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • Stuart_W
    • By Stuart_W 15th May 18, 7:58 PM
    • 1,390 Posts
    • 665 Thanks
    Stuart_W
    Have you definitely checked that a career development loan isn't available?

    Separate from student loans, they are administered by a bank and essentially it is a bank loan where the government pay the interest whilst you are studying.

    https://www.co-operativebank.co.uk/loans/career-development-loan#!
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