Career Development Loan
Scroll to see replies
Should I expect a confirmation from Co-Op to say they've received my application? I sent it a week ago and thought I might get an email to acknowledge...
What's the advantage of getting one of these loans over just a normal bank loan? Sainsbury's for example has a lower APR than this loan? Is it just that you don't want to start paying it straight away?
I'm waiting to hear about my MA application and I work full time in the NHS on a pretty decent salary so I would need tuition fees only (part time course so it's not even 5k) and I can start paying straight away. Next year my employer will fund 50-75% and I can top it up. I don't know which type of loan is best but I guess if the only benefit is that you don't need to pay it straight away I would be better off with a normal bank loan with a lower APR?
I'm waiting to hear about my MA application and I work full time in the NHS on a pretty decent salary so I would need tuition fees only (part time course so it's not even 5k) and I can start paying straight away. Next year my employer will fund 50-75% and I can top it up. I don't know which type of loan is best but I guess if the only benefit is that you don't need to pay it straight away I would be better off with a normal bank loan with a lower APR?
Hi All,
I just realised I've asked for an extra £300 more that required for my tuition fees. From my understanding, tuition fees are paid directly to my uni and are not credited to my account unlike the loan under living expenses.
When I last called my application was still with the Skills Funding Agency, (I guess to check to see if my course dates match?).
My question is has anyone managed to change their loan amount without it delaying their application? Is this even possible to do?
Please Help!
I just realised I've asked for an extra £300 more that required for my tuition fees. From my understanding, tuition fees are paid directly to my uni and are not credited to my account unlike the loan under living expenses.
When I last called my application was still with the Skills Funding Agency, (I guess to check to see if my course dates match?).
My question is has anyone managed to change their loan amount without it delaying their application? Is this even possible to do?
Please Help!
Original post by infairverona
What's the advantage of getting one of these loans over just a normal bank loan? Sainsbury's for example has a lower APR than this loan? Is it just that you don't want to start paying it straight away?
The problem is that you can't get any other loan for education. Lenders will expect you to have a full-time income so that you can make repayments. Also some sort of security, so that if you default there is something to repossess. The Career Development Loan doesn't demand income or security, and repayment doesn't start until after your course ends.
If you tell a standard lender that the loan is for education, then they'll automatically reject you. There is only the Professional and Career Development Loan. The major advantages are that these are unsecured and you don't have to start repaying until after you graduate.
Original post by kp00143
Hi All,
I just realised I've asked for an extra £300 more that required for my tuition fees. From my understanding, tuition fees are paid directly to my uni and are not credited to my account unlike the loan under living expenses.
When I last called my application was still with the Skills Funding Agency, (I guess to check to see if my course dates match?).
My question is has anyone managed to change their loan amount without it delaying their application? Is this even possible to do?
Please Help!
I just realised I've asked for an extra £300 more that required for my tuition fees. From my understanding, tuition fees are paid directly to my uni and are not credited to my account unlike the loan under living expenses.
When I last called my application was still with the Skills Funding Agency, (I guess to check to see if my course dates match?).
My question is has anyone managed to change their loan amount without it delaying their application? Is this even possible to do?
Please Help!
Usually when they find something incorrect, they send a letter asking you to call them and then you fix it over the phone. So yes, if you call them they should be able to change the loan amount. IDK if it'll affect your application (I doubt £300 will change any decision they've already made) and I'm also not sure whether it'll delay your application.
Either way, you should call them and have it changed asap because otherwise they'll send you a contract with incorrect numbers and having to request a new contract will probably incur longer delays than changing it over the phone now.
Original post by embersglow
Should I expect a confirmation from Co-Op to say they've received my application? I sent it a week ago and thought I might get an email to acknowledge...
Have you heard from them yet? I read something about co-op offering a text update service, but IDK if they contact you to confirm they've received it. I'm leaning towards probably not? Barclays didn't anyway haha. Sorry can't help much.
(edited 8 years ago)
Original post by Klix88
The problem is that you can't get any other loan for education. Lenders will expect you to have a full-time income so that you can make repayments. Also some sort of security, so that if you default there is something to repossess. The Career Development Loan doesn't demand income or security, and repayment doesn't start until after your course ends.
If you tell a standard lender that the loan is for education, then they'll automatically reject you. There is only the Professional and Career Development Loan. The major advantages are that these are unsecured and you don't have to start repaying until after you graduate.
If you tell a standard lender that the loan is for education, then they'll automatically reject you. There is only the Professional and Career Development Loan. The major advantages are that these are unsecured and you don't have to start repaying until after you graduate.
So I can't apply for a bank loan to start immediately when I am in full time employment if I tell them it's for education?
I would have to lie and say it's for something else?Original post by infairverona
So I can't apply for a bank loan to start immediately when I am in full time employment if I tell them it's for education? I would have to lie and say it's for something else?
I would have to lie and say it's for something else?That's right, but then that's fraud. If the bank find out that you've become a student and they suspect you are using the loan for living expenses/tuition fees, they will demand the entire amount of the loan back immediately, plus interest, plus legal and admin costs, and they may take court action against you. It would certainly affect your credit rating and affect your ability to get loans or a mortgage in future.
Original post by Klix88
That's right, but then that's fraud. If the bank find out that you've become a student and they suspect you are using the loan for living expenses/tuition fees, they will demand the entire amount of the loan back immediately, plus interest, plus legal and admin costs, and they may take court action against you. It would certainly affect your credit rating and affect your ability to get loans or a mortgage in future.
Ok..so am I being a bit dim here...or how are people meant to fund a course? I'm working full time while I study my course part time so why can't I have a bank loan for it? I don't want a career loan and start paying it back two years later when I can start paying it off now
Original post by embersglow
Should I expect a confirmation from Co-Op to say they've received my application? I sent it a week ago and thought I might get an email to acknowledge...
I got an email to confirm it was received and that I would hear within 10 working days. I then got a letter telling me that I had not got the loan. Good luck xx
Original post by infairverona
Ok..so am I being a bit dim here...or how are people meant to fund a course? I'm working full time while I study my course part time so why can't I have a bank loan for it? I don't want a career loan and start paying it back two years later when I can start paying it off now
Well, it's the same for the vast majority of other students who aren't independently wealthy or funded by family. We work and save up.
The terms & conditions of all bank loans are online, so you can check them out for yourself. I can't comment on *why* you can't have a normal bank loan for study - you just can't and that's the way it is. It's about students being a poor repayment risk.
Bear in mind that for Masters study, a loan similar to undergraduate Student Finance will be available from next year.
Original post by Klix88
Well, it's the same for the vast majority of other students who aren't independently wealthy or funded by family. We work and save up.
The terms & conditions of all bank loans are online, so you can check them out for yourself. I can't comment on *why* you can't have a normal bank loan for study - you just can't and that's the way it is. It's about students being a poor repayment risk.
Bear in mind that for Masters study, a loan similar to undergraduate Student Finance will be available from next year.
The terms & conditions of all bank loans are online, so you can check them out for yourself. I can't comment on *why* you can't have a normal bank loan for study - you just can't and that's the way it is. It's about students being a poor repayment risk.
Bear in mind that for Masters study, a loan similar to undergraduate Student Finance will be available from next year.
That's bizarre. I got a loan for my car but I can't get one for an MA? Do you know if unis let you pay in instalments at all? The uni I've applied to doesn't have much info on its website. I know there will be a better loan next year but I graduated last year and am earning very decent money now so I don't really want to waste another year
Original post by infairverona
I got a loan for my car but I can't get one for an MA?
You can get a bank loan for each, but it will be tailored to the type of borrower that the bank thinks you are. As you're working full-time, you don't fit the typical student borrower. However, the T&Cs of a standard bank loan don't allow for that. There's no harm in double-checking with your bank, but don't expect a positive outcome.
Do you know if unis let you pay in instalments at all? The uni I've applied to doesn't have much info on its website.
It's definitely worth contacting your target uni and asking. Mine does allow Masters fees to be paid in two installments, so you could find that's the case for yours. Each uni can set its own repayment terms though.
Original post by Klix88
You can get a bank loan for each, but it will be tailored to the type of borrower that the bank thinks you are. As you're working full-time, you don't fit the typical student borrower. However, the T&Cs of a standard bank loan don't allow for that. There's no harm in double-checking with your bank, but don't expect a positive outcome.
It's definitely worth contacting your target uni and asking. Mine does allow Masters fees to be paid in two installments, so you could find that's the case for yours. Each uni can set its own repayment terms though.
It's definitely worth contacting your target uni and asking. Mine does allow Masters fees to be paid in two installments, so you could find that's the case for yours. Each uni can set its own repayment terms though.
I know a career loan is a bank loan but what I mean is, when I got my loan for my car it was paid into my account within 24 hours. Also, other bank loans have considerably lower APR than the career loan! I was looking for loans last night for 4k and found a Sainsbury's one where the APR was only 7 something %. It just seems stupid and pretty sad that I was able to get a loan so quickly for something like a car, but I can't get one for education when I have a well paid, permanent job in the public sector.
I'll have to see if they will let me do instalments or consider emptying my ISA but neither of these are desirable :/ I'm guessing I wouldn't have time to get a career development loan this late?
Original post by SPH54321
I got an email to confirm it was received and that I would hear within 10 working days. I then got a letter telling me that I had not got the loan. Good luck xx
Did it take the full 10 working days for you to hear back? I'm currently waiting to hear back myself after receiving a phone call last Tuesday saying they were now processing it.
Original post by UndisclosedDesires
Did it take the full 10 working days for you to hear back? I'm currently waiting to hear back myself after receiving a phone call last Tuesday saying they were now processing it.
It was about a week and a half. That was with the co-op. Now deciding whether to torture myself applying to Barclays as I guess I'll get the same response. Really don't want to go down the future finance route but I may have to...
Original post by infairverona
I know a career loan is a bank loan but what I mean is, when I got my loan for my car it was paid into my account within 24 hours. Also, other bank loans have considerably lower APR than the career loan! I was looking for loans last night for 4k and found a Sainsbury's one where the APR was only 7 something %. It just seems stupid and pretty sad that I was able to get a loan so quickly for something like a car, but I can't get one for education when I have a well paid, permanent job in the public sector.
I'll have to see if they will let me do instalments or consider emptying my ISA but neither of these are desirable :/ I'm guessing I wouldn't have time to get a career development loan this late?
I'll have to see if they will let me do instalments or consider emptying my ISA but neither of these are desirable :/ I'm guessing I wouldn't have time to get a career development loan this late?
There are no early repayment fees on the PCDL (with Barclays anyway, unsure about Co Op) so theoretically you could pay it all off as soon as you finish your course (before interest) and avoid the horrible APR. Obviously you'll need a job though if you're gonna be applying for a loan to cover your loan.
And you should be fine to apply for the PCDL now. You can't apply earlier than 2 months before your start date for co op, 3 mo for barclays.
How long roughly does it take for the Skills Funding Agency check and for the subsequent contract to be sent out? Called the Co-Op today and was told I was provisionally accepted (2 weeks after I sent my application, if anyone's interested)
Original post by Klix88
That's right, but then that's fraud. If the bank find out that you've become a student and they suspect you are using the loan for living expenses/tuition fees, they will demand the entire amount of the loan back immediately, plus interest, plus legal and admin costs, and they may take court action against you. It would certainly affect your credit rating and affect your ability to get loans or a mortgage in future.
Good to know.
Original post by infairverona
Ok..so am I being a bit dim here...or how are people meant to fund a course? I'm working full time while I study my course part time so why can't I have a bank loan for it? 1.I don't want a career loan and start paying it back two years later when I can start paying it off now
You have 2 options (actually 3). You can save enough money to pay for it (full-time or part-time) or you can ask for a CDL.
1. What makes you think that the bank is interested in offered you loans you plan to pay immediately? Think about it. The bank wants profit not helping people. If you pay later, you pay back more which means the bank gets more profit.
Original post by Klix88
Well, it's the same for the vast majority of other students who aren't independently wealthy or funded by family. We work and save up.
The terms & conditions of all bank loans are online, so you can check them out for yourself. I can't comment on *why* you can't have a normal bank loan for study - you just can't and that's the way it is. It's about students being a poor repayment risk.
Bear in mind that for Masters study, a loan similar to undergraduate Student Finance will be available from next year.
The terms & conditions of all bank loans are online, so you can check them out for yourself. I can't comment on *why* you can't have a normal bank loan for study - you just can't and that's the way it is. It's about students being a poor repayment risk.
Bear in mind that for Masters study, a loan similar to undergraduate Student Finance will be available from next year.
Misleading information.
A pilot study has been trialled this year offering 10K bursaries to students with the view of offering 10K loans from 2016. This was under the previous government. The guys who proposed and carried this out are no longer in the government so whether the current government will carry on is uncertain (especially with the government planning to make further cuts to higher education). A consultation followed the pilot study and the results are going to be published in 10 days.
Quick Reply
Related discussions
- 20% discount on popular postgraduate degrees
- Can I start a BA degree from 3rd year after graduating from another related BA degree
- Thoughts on going to University
- Applying for university
- Funding for accomodation during a PHD
- Masters degree
- Most difficult decisions of my life, please help :(
- Start Studying for the degree with age
- Can you get a job in engineering with a HNC?
- ESA while studying at university?
- University degree or a degree apprenticeship?
- Apprenticeship vs university
- Career Advice: Becoming a Diplomat
- Buying a property
- Retraining at 32
- Help
- Biochemistry jobs and salary?
- Development Studies: Sussex, UEA, Reading, Birmingham or SOAS?
- Open University
- Funding for a second masters degree
Latest
Trending
Last reply 2 days ago
UCL (University College London) Postgraduate Applicants 2024-25Last reply 2 weeks ago
University of Edinburgh 2024-25 Postgraduate ApplicantsLast reply 2 weeks ago
MPhil in Basic and Translational Neuroscience at Uni of CambridgeLast reply 2 weeks ago
Cambridge University MPhil in Management (2024-2025)Trending
Last reply 2 days ago
UCL (University College London) Postgraduate Applicants 2024-25Last reply 2 weeks ago
University of Edinburgh 2024-25 Postgraduate ApplicantsLast reply 2 weeks ago
MPhil in Basic and Translational Neuroscience at Uni of CambridgeLast reply 2 weeks ago
Cambridge University MPhil in Management (2024-2025)
