Loan for Student Fees

PrimroseSJ
PrimroseSJ Posts: 7 Forumite
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 :)
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  • BrassicWoman
    BrassicWoman Posts: 3,201
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    Will the college let you pay in installments?
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  • [Deleted User]
    [Deleted User] Posts: 35,242
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    PrimroseSJ wrote: »
    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?

    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.
  • 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
    Candyapple Posts: 3,384
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    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_3
    John-K_3 Posts: 681 Forumite
    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.
  • 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
    BrassicWoman Posts: 3,201
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    PrimroseSJ wrote: »
    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

    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...?
    2021 GC £1365.71/ £2400
  • Candyapple
    Candyapple Posts: 3,384
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    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
    PrimroseSJ Posts: 7 Forumite
    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
    PrimroseSJ Posts: 7 Forumite
    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...?

    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 :rotfl:
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