Career Development Loan
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Re: Career Development LoanSurely acceptance for the loan is judged in the same way as acceptance for other forms of credit - that there is a strong possibility the payee will repay the credit in full, but via instalments rather than a lump sum?
In that case, I would expect someone who had been working full time (and saving a small amount) would be a more trustworthy candidate, and would have demonstrated a degree of commitment to study when compared with someone with nil income & capital?
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Re: Career Development LoanRoll your eyes all you want, but that does not change the fact you have completely missed the point of the career development loan. It is a government-sponsored loan that is meant to help people who cannot afford to fund their studies in any other way.(Original post by Publish_Nick)
Surely acceptance for the loan is judged in the same way as acceptance for other forms of credit - that there is a strong possibility the payee will repay the credit in full, but via instalments rather than a lump sum?
In that case, I would expect someone who had been working full time (and saving a small amount) would be a more trustworthy candidate, and would have demonstrated a degree of commitment to study when compared with someone with nil income & capital?
Yes, the banks want to make money. But their lending policy has little to do with trust per se. If you have a source of income and have been saving, then they will question why you need to borrow money from them; you should just continue to save and pay for it yourself. On the other hand, someone who does not have any income or capital clearly needs money to help pay for further study or to retrain. It might sound odd to you, but the government will tell the bank to pick the unemployed person every time. -
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Re: Career Development LoanSurely most postgrad students will use a mixture of funding sources?
(1) Savings (from working)
(2) PCDL
(3) Working part time during study
as well as either
(4) Support from friends/family
(5) Bursaries/Scholarships
I would hate to think that clearing a credit card balance (£2k) clearing a overdraft (£2k) and saving another £2k would stop me from receiving the loan.
Part time work + £2k saving will not cover
£7400 fees
£6500 accommodation
£4000 living costs
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Re: Career Development LoanHi!
Im just in the process of completing my application form, hoping to send it off this weekdend. Im just a bit stuck on writing a cover letter, been reading some many different stories where people have been rejected on personal circumstances.
I want to do my LPC starting september which in total will cost me £15k, natwest have obviously withdrawn their professional loans so i am now dependant on a cdl which the limit is £10k leaving me short of £5k. So i have taken this yr out to get a full time job and save the rest, which i have almost done. So my issue now is you have to explain how much you want and why and how you will fund the rest, what is the best way me explaining it without jeopardising the application. Is it better to say i will fund the accommodation with the £5k i have saved or use it towards tuition? and what to say for living expenses? :s seems its easier to get this loan if you are on benefits and unemployed than having a job! -
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Re: Career Development LoanAlways use your own money towards living costs; the bank pays whatever money you want for tuition fees directly so it just makes things a lot easier for you and means you have money to play around with at the beginning of term it you keep it yourself.(Original post by rroberts88)
Hi!
Im just in the process of completing my application form, hoping to send it off this weekdend. Im just a bit stuck on writing a cover letter, been reading some many different stories where people have been rejected on personal circumstances.
I want to do my LPC starting september which in total will cost me £15k, natwest have obviously withdrawn their professional loans so i am now dependant on a cdl which the limit is £10k leaving me short of £5k. So i have taken this yr out to get a full time job and save the rest, which i have almost done. So my issue now is you have to explain how much you want and why and how you will fund the rest, what is the best way me explaining it without jeopardising the application. Is it better to say i will fund the accommodation with the £5k i have saved or use it towards tuition? and what to say for living expenses? :s seems its easier to get this loan if you are on benefits and unemployed than having a job!
Having said that, I am not really sure what difficulty you mean. You have to outline your expenses and what you have so it should no room for ambiguity. For example, if the entire year is going to cost £15,000 (say, £5000 for fees and £10,000 for 'living costs') and you have saved £5000 already, then it makes no difference to the bank if you ask them to split the career development loan in half (i.e. to pay your tuition fees and some of your living costs).
It is only easier to get a CDL if you are on benefits or unemployed because it proves you have no source of income (i.e. the Job Centre have already done thorough checks to ensure you are not hiding anything!). -
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Re: Career Development LoanI have now saved £8000 which does sound a lot but when my accommodation alone is going to cost £7000 it's not that much for living costs at all
If you make an application and they don't agree with the amount you need do they offer you what they think you need or just automatically reject you? -
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Re: Career Development LoanI'm worried about the amount as well. My fees are about £5000 and I have £300 saved. I have got free accommodation for the year in exchange for some work so I'm not sure how much time I will have for a job.
Depending on where I get a placement I may also have to pay for supervision, so my amounts are going to be guesses basically.
If they agree a loan then we get say £500 from an organisation towards fees, will we need to tell the bank? -
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Re: Career Development LoanI suppose it would depend how far you were off their estimate, but I cannot see them rejecting you. Obviously, I have not been in this situation so I do not know. But I imagine they would contact you first.(Original post by Shiv_Shiv)
I have now saved £8000 which does sound a lot but when my accommodation alone is going to cost £7000 it's not that much for living costs at all
If you make an application and they don't agree with the amount you need do they offer you what they think you need or just automatically reject you?
If the organisation will pay the money directly to you then do not bother mentioning it.(Original post by ~ Purple Rose ~)
I'm worried about the amount as well. My fees are about £5000 and I have £300 saved. I have got free accommodation for the year in exchange for some work so I'm not sure how much time I will have for a job.
Depending on where I get a placement I may also have to pay for supervision, so my amounts are going to be guesses basically.
If they agree a loan then we get say £500 from an organisation towards fees, will we need to tell the bank?
In English? You mean will they accept applications before their deadline? No. It is pain in the backside, but they have obviously set their deadline for a reason.(Original post by Ferrus)
So...
I have the pack. Will the Co-Op accept applications between the 8 week deadline? I saw equivocal answers here. -
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Re: Career development loanWhy were you refused it? In theory you can appeal as we live in a democratic society(Original post by cutie23)
Has anyone been refused a career development loan and has appealed the decision with bank again? If so is it very hard to convince the bank?
Thanks
