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  • FIRST POST
    • Esloco
    • By Esloco 28th Apr 18, 8:52 PM
    • 1Posts
    • 0Thanks
    Esloco
    Postgraduate Loan
    • #1
    • 28th Apr 18, 8:52 PM
    Postgraduate Loan 28th Apr 18 at 8:52 PM
    Hi Everyone,

    I will be starting postgraduate study in September. I have savings available to me, but I am wondering whether it would be better to take a Postgrad loan and save the money for a house deposit, or spend the savings.
    With a postgrad loan it will be a 10,000 loan with 6.1% interest rates and I will have to pay 6% of everything I earn over 21,000 to the loan until it is paid off. I will be required to pay this back alongside my undergrad loan (about 36,000) which is also 6.1% interest and needs to be paid back from 9% of everything I earn over 25,000.
Page 1
    • jonesMUFCforever
    • By jonesMUFCforever 28th Apr 18, 9:08 PM
    • 25,173 Posts
    • 12,430 Thanks
    jonesMUFCforever
    • #2
    • 28th Apr 18, 9:08 PM
    • #2
    • 28th Apr 18, 9:08 PM
    Personally I would not get into more debt if I had the money to do a postgraduate course.
    What goes around - comes around
    give lots and you will always receive lots
    • SarahGriffiths
    • By SarahGriffiths 10th Jul 18, 9:44 AM
    • 2 Posts
    • 0 Thanks
    SarahGriffiths
    • #3
    • 10th Jul 18, 9:44 AM
    Here's what I think..
    • #3
    • 10th Jul 18, 9:44 AM
    I am in the same position and have decided to take the loan after thinking about it a lot and getting advice.

    The post graduate loan is designed to be affordable and you will never get another loan with terms as good as this.

    If you have an extra 10k to put towards a house deposit - that could likely improve your mortgage terms and if like me its your first property - getting on the housing ladder should be a priority as renting is dead money.
    • andrewmp
    • By andrewmp 10th Jul 18, 9:48 AM
    • 1,575 Posts
    • 811 Thanks
    andrewmp
    • #4
    • 10th Jul 18, 9:48 AM
    • #4
    • 10th Jul 18, 9:48 AM
    I am in the same position and have decided to take the loan after thinking about it a lot and getting advice.

    The post graduate loan is designed to be affordable and you will never get another loan with terms as good as this.

    If you have an extra 10k to put towards a house deposit - that could likely improve your mortgage terms and if like me its your first property - getting on the housing ladder should be a priority as renting is dead money.
    Originally posted by SarahGriffiths
    Plenty of loans available at a lower rate. I agree for undergraduate, but I'm not so sure about the post grad loans.
    • SarahGriffiths
    • By SarahGriffiths 10th Jul 18, 10:15 AM
    • 2 Posts
    • 0 Thanks
    SarahGriffiths
    • #5
    • 10th Jul 18, 10:15 AM
    • #5
    • 10th Jul 18, 10:15 AM
    Although the rate is slightly higher - as you only pay back 6% of what you earn over 21k and only when you are earning the terms are much better. If you want to buy a property which is likely to appreciate in value and save you 6000 a year in rent then it seems to be a priority.
    • DrEskimo
    • By DrEskimo 10th Jul 18, 11:27 AM
    • 221 Posts
    • 147 Thanks
    DrEskimo
    • #6
    • 10th Jul 18, 11:27 AM
    • #6
    • 10th Jul 18, 11:27 AM
    Have you tried to secure funding through appropriate funding bodies (research councils, charities, etc.)? Alternatively, does the department at the university have any available funding?

    It took me a couple of years whilst I continued to work at my uni, but eventually I secured funding to do mine, which included the stipend for living expenses.
    • agrinnall
    • By agrinnall 10th Jul 18, 7:28 PM
    • 20,936 Posts
    • 16,724 Thanks
    agrinnall
    • #7
    • 10th Jul 18, 7:28 PM
    • #7
    • 10th Jul 18, 7:28 PM
    Have you tried to secure funding through appropriate funding bodies (research councils, charities, etc.)? Alternatively, does the department at the university have any available funding?

    It took me a couple of years whilst I continued to work at my uni, but eventually I secured funding to do mine, which included the stipend for living expenses.
    Originally posted by DrEskimo

    I'd guess that the OP is doing a Masters degree, for which there is little or no funding available. It sounds like you were doing a doctorate.
    • DrEskimo
    • By DrEskimo 10th Jul 18, 10:42 PM
    • 221 Posts
    • 147 Thanks
    DrEskimo
    • #8
    • 10th Jul 18, 10:42 PM
    • #8
    • 10th Jul 18, 10:42 PM
    I'd guess that the OP is doing a Masters degree, for which there is little or no funding available. It sounds like you were doing a doctorate.
    Originally posted by agrinnall
    Yes reading it again I think you're right.

    Although if a PhD was something they were wanting to do eventually, there are some funding bodies that offer 1+3 studentships, whereby the funding covers a MA in the first year, and PhD in the following 3yrs.
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