[thecrimsonidol]

Evening people,

I'm in the final stages of completing my application to Barlcays for a career development loan to fund the LLM i'm due to start in September (with plans to apply to the Co-op if Barclays say no), and am trying to get an idea of how easy/difficult it is to gwt these loans. I've spoken to the banks and the Young Peoples' Leaning Agency, and the general consensus seems to be the main reason for refusal is due to bad credit history, or having none at all. In general, I should be fine for this as i've had a credit card for a few months and always repaid the full amounts eachtime, so my credit history should be fine.

Wondering if people have had any applications rejected on other grounds, or any other thoughts/comments about the ease (or lack thereof) of getting the loan?

Many thanks!

[evantej]

(Original post by thecrimsonidol)
Evening people,

I'm in the final stages of completing my application to Barlcays for a career development loan to fund the LLM i'm due to start in September (with plans to apply to the Co-op if Barclays say no), and am trying to get an idea of how easy/difficult it is to gwt these loans. I've spoken to the banks and the Young Peoples' Leaning Agency, and the general consensus seems to be the main reason for refusal is due to bad credit history, or having none at all. In general, I should be fine for this as i've had a credit card for a few months and always repaid the full amounts eachtime, so my credit history should be fine.

Wondering if people have had any applications rejected on other grounds, or any other thoughts/comments about the ease (or lack thereof) of getting the loan?

Many thanks!

Easy enough. At the time of my application, I had a maxed out overdraft and was unemployed. Got the full £10,000 over five years.

[thecrimsonidol]

(Original post by evantej)
Easy enough. At the time of my application, I had a maxed out overdraft and was unemployed. Got the full £10,000 over five years.

Thanks....I have hope then!
Was that with Barclays or Co-op, might I ask?

[Norton1]

(Original post by evantej)
Easy enough. At the time of my application, I had a maxed out overdraft and was unemployed. Got the full £10,000 over five years.

Could you tell me roughly what the monthly repayments are?

[evantej]

(Original post by Norton1)
Could you tell me roughly what the monthly repayments are?

Around £220 per month. I do not know specifically because I have deferred my repayment schedule due to having a temporary work contract and now being unemployed.

The banks might have changed the APR so it might be cheaper for you now.

[pocahontas5]

(Original post by evantej)
Around £220 per month. I do not know specifically because I have deferred my repayment schedule due to having a temporary work contract and now being unemployed.

The banks might have changed the APR so it might be cheaper for you now.

Was deferring a major hassle? Are there any extra charges for that? (I'm asking in case I won't be able to find a job....)


Also what is the difference between getting the loan for course fees and living expenses? If I get 8,000 for the fees and 2,000 for living expenses can I still use the 2,000 for fees?

[evantej]

(Original post by pocahontas5)
Was deferring a major hassle? Are there any extra charges for that? (I'm asking in case I won't be able to find a job....)

Also what is the difference between getting the loan for course fees and living expenses? If I get 8,000 for the fees and 2,000 for living expenses can I still use the 2,000 for fees?

It depends why you are seeking a deferment. If you are unemployed then you need to claim Jobseeker's Allowance (JSA). You have to ask the bank for a form, which you fill in and then send off to your regional Jobcentre processing centre, who basically confirm you are receiving JSA and post it on to your bank.

Everything takes longer than it should so you have to prepare in advance. If you finish your masters in September and your repayments begin in December, then apply for JSA the day you submit your dissertation and contact your bank for the relevant forms.

In addition, you have to apply for multiple deferments. The first one lasts five months and if you are still unemployed then you have to apply again for a second deferment which lasts six months. The same applies for the third (six months).

If you receive working tax credits then it is simpler; you send evidence of your award and that is it. But it can get complicated if your deferment period is close to the new tax year.

With regards to the loan itself, you can use it for whatever you want. If you £10,000 for tuition fees then ask for that. The bank does not really care how you split the money. They are more interested in seeing a deficit in your budget (i.e. you need x amount of amount but have no means to pay for it) as a career development loan is supposed to be the last resort for funding.

[pocahontas5]

Thanks, the problem with the division of money is that that is what I was told by Barclay's - that since I have been working during the last months I can only get 8,000 towards the tuition fees and then claim the rest towards living expenses. That's why I'm asking what the difference is....

(Original post by evantej)
It depends why you are seeking a deferment. If you are unemployed then you need to claim Jobseeker's Allowance (JSA). You have to ask the bank for a form, which you fill in and then send off to your regional Jobcentre processing centre, who basically confirm you are receiving JSA and post it on to your bank.

Everything takes longer than it should so you have to prepare in advance. If you finish your masters in September and your repayments begin in December, then apply for JSA the day you submit your dissertation and contact your bank for the relevant forms.

In addition, you have to apply for multiple deferments. The first one lasts five months and if you are still unemployed then you have to apply again for a second deferment which lasts six months. The same applies for the third (six months).

If you receive working tax credits then it is simpler; you send evidence of your award and that is it. But it can get complicated if your deferment period is close to the new tax year.

With regards to the loan itself, you can use it for whatever you want. If you £10,000 for tuition fees then ask for that. The bank does not really care how you split the money. They are more interested in seeing a deficit in your budget (i.e. you need x amount of amount but have no means to pay for it) as a career development loan is supposed to be the last resort for funding.

[evantej]

(Original post by pocahontas5)
Thanks, the problem with the division of money is that that is what I was told by Barclay's - that since I have been working during the last months I can only get 8,000 towards the tuition fees and then claim the rest towards living expenses. That's why I'm asking what the difference is....

What kind of work are you doing? The bank is interested in work if you are employed full time and have been for a while, because they think you are then eligible to pay for some of the course yourself. If you are just doing part time or temporary work then ignore the income bits.

So far as your original question is concerned, it matters a lot. You ask for x amount to pay for tuition fees. The bank send you something which the university then stamps at enrolment and you then send it back to the bank. The bank then pay the university directly. Your living costs get paid directly to you, but you never see the tuition fee money.

[pocahontas5]

Well the problem is I already applied on the phone with Barclay's and I have been told I can get max. 8,000. I told them I was working part-time but that I left my job yesterday (I applied yesterday). And I was told I can only get 8,000 towards tuition fees.
When do you get the money for living expenses? Could I use the money for living expenses to pay for the tuition fees?

(Original post by evantej)
What kind of work are you doing? The bank is interested in work if you are employed full time and have been for a while, because they think you are then eligible to pay for some of the course yourself. If you are just doing part time or temporary work then ignore the income bits.

So far as your original question is concerned, it matters a lot. You ask for x amount to pay for tuition fees. The bank send you something which the university then stamps at enrolment and you then send it back to the bank. The bank then pay the university directly. Your living costs get paid directly to you, but you never see the tuition fee money.

[Fuzzpig]

I'm going to get the forms tomorrow from Barclay's for a September start. I'm thinking now that I will be able to live at home (parents moving closer to uni) and so won't need to take out enough to cover living costs too, so I'll only need to take out £5375 for tuition. I've been working now and again at a neighbours hotel when they've needed me... It's not even going to raise over £500 though. Will this make a difference do you think?

[evantej]

(Original post by pocahontas5)
Well the problem is I already applied on the phone with Barclay's and I have been told I can get max. 8,000. I told them I was working part-time but that I left my job yesterday (I applied yesterday). And I was told I can only get 8,000 towards tuition fees.
When do you get the money for living expenses? Could I use the money for living expenses to pay for the tuition fees?

If you have already applied then this is largely irrelevant.

For what is worth, there is no problem using your living cost money from Barclays to pay towards the tuition fees. If they are particularly high then you will almost certainly have to do this anyway. Once it is in your account you are free to do whatever you want with it.

[evantej]

(Original post by aliluvschoc)
I'm going to get the forms tomorrow from Barklay's for a September start. I'm thinking now that I will be able to live at home (parents moving closer to uni) and so won't need to take out enough to cover living costs too, so I'll only need to take out £5375 for tuition. I've been working now and again at a neighbours hotel when they've needed me... It's not even going to raise over £500 though. Will this make a difference do you think?

No. Do not even bother mentioning it.

[Fuzzpig]

(Original post by evantej)
No. Do not even bother mentioning it.

Thanks! I think I'll just go to £5000, should be able to scrape enough for the rest of the cost. Hoping it should be relatively straightforward as I have no other means of getting the money for tuition. I also hope when it comes to paying the uni fees that paying from two places won't cause too much of a fuss.

Ah well, I'll probably post back here with how I get on eventually!

Not sure if I should arrange to pay it back over the 5 years or perhaps about 2.5 years... I'd pay almost £1150 less if I opted to do it over 2.5 years, but who can be sure that they'll have (as in their loan calculator example) £202 in their accounts every month rather than £120?

Ack. What have you guys done? Do you have to specify right away?

[evantej]

(Original post by aliluvschoc)
Thanks! I think I'll just go to £5000, should be able to scrape enough for the rest of the cost. Hoping it should be relatively straightforward as I have no other means of getting the money for tuition. I also hope when it comes to paying the uni fees that paying from two places won't cause too much of a fuss.

Ah well, I'll probably post back here with how I get on eventually!

Not sure if I should arrange to pay it back over the 5 years or perhaps about 2.5 years... I'd pay almost £1150 less if I opted to do it over 2.5 years, but who can be sure that they'll have (as in their loan calculator example) £202 in their accounts every month rather than £120?

Ack. What have you guys done? Do you have to specify right away?

No, no, no! If your tuition fees are £5375 then ask for that amount. Living costs will always be higher than you think so for the sake of a couple of hundred pounds just borrow a little bit more.

Similarly, always take the longer repayment period even if it costs more. If you find yourself with more money in the future then you can always attempt to repay early or ask the bank if you can make larger repayments.

[Fuzzpig]

(Original post by evantej)
No, no, no! If your tuition fees are £5375 then ask for that amount. Living costs will always be higher than you think so for the sake of a couple of hundred pounds just borrow a little bit more.

Similarly, always take the longer repayment period even if it costs more. If you find yourself with more money in the future then you can always attempt to repay early or ask the bank if you can make larger repayments.

I don't need to account for living as I will be living with my parents. They have told me that they won't accept any rent from me or anything while I'm studying so I genuinely only need the tuition fee loan. I can account for the £375 so I'm not sure I should take more out for the sake of it. It's the £5000 that I genuinely have no means of getting, and that is the amount I genuinely need.

I think I'll go for the longer repayment term as you say, probably a better idea in the long run.

[thecrimsonidol]

Thanks for all the info guys. Just sent the Barclays aplication off today....now I've just got to play the waiting game!

[SophiaKeuning]

(Original post by evantej)
Easy enough. At the time of my application, I had a maxed out overdraft and was unemployed. Got the full £10,000 over five years.

That's brilliant.

[evantej]

(Original post by aliluvschoc)
I don't need to account for living as I will be living with my parents. They have told me that they won't accept any rent from me or anything while I'm studying so I genuinely only need the tuition fee loan. I can account for the £375 so I'm not sure I should take more out for the sake of it. It's the £5000 that I genuinely have no means of getting, and that is the amount I genuinely need.

I think I'll go for the longer repayment term as you say, probably a better idea in the long run.

Living costs do not just involve food and rent. What about transport to university, buying books for your course, printing and binding at university, socialising with your classmates, using resources at another university?

Of course, there is also the issue that it will stand out in your application. Your tuition fees cost x but you are only asking for x - £375. And it makes it more difficult in terms of paying the university too.

[anna_ready]

It not that hard to get it!
All you have to do is to write a superb application.