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  • FIRST POST
    • Pham76
    • By Pham76 10th Jan 19, 1:50 PM
    • 4Posts
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    Pham76
    Small student loans
    • #1
    • 10th Jan 19, 1:50 PM
    Small student loans 10th Jan 19 at 1:50 PM
    Apologies if youíve seen this post already but, I attached it to someone elseís post in error!
    Still not sure Iím doing it correctly, but here goes lol.

    Hi, Iím signing up for pgce in September and only need a loan for the course fees £9250.
    Is it worth getting a student loan or would I be better off getting a
    0% credit card and paying it off with that.
    Iíve read martins page on student loans but all the examples are for bigger amounts and he basically says donít bother paying it off in full unless youíre a really high earner, but what about smaller amounts that are likely to be paid off in full within the 30yrs?
Page 1
    • CakeCrusader
    • By CakeCrusader 10th Jan 19, 7:34 PM
    • 765 Posts
    • 446 Thanks
    CakeCrusader
    • #2
    • 10th Jan 19, 7:34 PM
    • #2
    • 10th Jan 19, 7:34 PM
    I can see your thinking, but a 0% credit card usually lasts for 3 years and you may run into problems with the application due to any drop in income (you won't be working, you'll be a student) and the limit may not cover all of the fees. Have you looked into whether there's funding available? https://getintoteaching.education.gov.uk/funding-my-teacher-training/bursaries-and-scholarships-for-teacher-training



    I've taken out a graduate loan to pay for a law course. I won't start paying it back until I finish, and it's a percentage of my income after then. With a credit card you'll have to make the minimum payment right away, even when you're studying. Do what's right for you though, but do have a look at the link to see if there's funding.
    • Pham76
    • By Pham76 12th Jan 19, 11:06 AM
    • 4 Posts
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    Pham76
    • #3
    • 12th Jan 19, 11:06 AM
    • #3
    • 12th Jan 19, 11:06 AM
    Thanks for your message.
    I do have funding for the year course, 26000 bursary.
    Plus I can claim a few extras which can probably pay off about half the fee while I’m studying without leaving me short.
    And providing I pass the course I am also guaranteed a position at the school I’m training with. So future finance looks ok, just wanted an idea whether I’d be financially better off paying the debt off through student loans or not?
    • CakeCrusader
    • By CakeCrusader 12th Jan 19, 10:55 PM
    • 765 Posts
    • 446 Thanks
    CakeCrusader
    • #4
    • 12th Jan 19, 10:55 PM
    • #4
    • 12th Jan 19, 10:55 PM
    It depends on how much you'll earn and how old you are now. It gets written off once you reach a certain age, just like an undergraduate Student Loan, so any interest could be irrelevant. I'd look at the repayment terms as it may well work out cheaper for you to take out the Graduate Loan and not a credit card. I don't know if you'll be better off. If you're in your 40s now you'll have 20 years of paying off a Graduate Loan before you retire, and it's a small amount of your pay so you'll probably end up paying 1/4 of it back. You need to do the calculations.
    • Pham76
    • By Pham76 13th Jan 19, 10:56 AM
    • 4 Posts
    • 0 Thanks
    Pham76
    • #5
    • 13th Jan 19, 10:56 AM
    • #5
    • 13th Jan 19, 10:56 AM
    Thanks for your help, think I’m steering away from credit card, looking at the numbers and like you say age, probably won’t get close to paying off even the small amount for course fees.
    Might even apply for a bit more ��
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