Bank Loans to pay for Tuition Fees
jharrisonnn
Posts: 1 Newbie
in Loans
Hi,
I am not eligible for another student loan for a second degree i planned on doing. When i found out it was a shock to the system as i didnt expect it. My dad has offered to get a bank loan to pay for it and i was pay him back slowly and partially over time.
This is financially the best offer as the 3rd party companies have massive interest rates.
However i need some things clearing up before i can feel morally positive about this.
The course is 3 years of £4250 per year, so £12,750 total. However you can only pay a maximum of one year at a time. Would the best option to be take out 1 loan a year of £4250? Instead of one £12,750 and letting the rest sit there gathering interest?
I am conscious of his credit score you see.
any feedback would be gratefully recieved.
I am not eligible for another student loan for a second degree i planned on doing. When i found out it was a shock to the system as i didnt expect it. My dad has offered to get a bank loan to pay for it and i was pay him back slowly and partially over time.
This is financially the best offer as the 3rd party companies have massive interest rates.
However i need some things clearing up before i can feel morally positive about this.
The course is 3 years of £4250 per year, so £12,750 total. However you can only pay a maximum of one year at a time. Would the best option to be take out 1 loan a year of £4250? Instead of one £12,750 and letting the rest sit there gathering interest?
I am conscious of his credit score you see.
any feedback would be gratefully recieved.
0
Comments
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Will you have the income, while you are studying, to make the monthly loan repayments ok?
As far as getting 3 x one year loans or just one loan for the full amount. You may find the APR interest is lower for the larger, full amount £12,750 when compared to the APR rate of the smaller £4,250 amount.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
0 -
Seems to be that you cannot afford to take on this course that you are planning.
Hope your Dad is fully aware that he is responsible for the loan if you do not have the money to repay or refuses to.
Personally, I would not do it, but love conquers all.0
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