Career Development Loans
Career Development Loans
What are your opinions?
I don't have a great deal of info on them, but I'm wary of loans and debt and the like.
At the moment my plan to fund my masters is to go part time and work in my off hours to pay the bills. Preferably even take a year out first to save up some money. At my current university it's... Doable. Not comfortable or easy. But possible.
Afterwards I want to go onto the NHS Scientist Training Program so its not like I'll leave uni and get a proper salary - and you have to pay back right away.
What do people think? Any personal experiences?
What are your opinions?
I don't have a great deal of info on them, but I'm wary of loans and debt and the like.
At the moment my plan to fund my masters is to go part time and work in my off hours to pay the bills. Preferably even take a year out first to save up some money. At my current university it's... Doable. Not comfortable or easy. But possible.
Afterwards I want to go onto the NHS Scientist Training Program so its not like I'll leave uni and get a proper salary - and you have to pay back right away.
What do people think? Any personal experiences?
They're commercial-style loans, so you'll be credit checked unlike Student Finance. If the bank (only Co-Op and Barclays offer these loans) consider you a repayment risk, then you might get less than you applied for, or possibly turned down completely.
As they will only take applications nearer the start of the academic year, it's possible to get to the point of enrolling and then find that you don't have the loan you expected.
Unlike Student Finance, you have to start repaying a Career Development Loan at a set point after your course ends. That's whether you can afford it or not.
Personally I've never liked the look of them for those reasons, although I was lucky enough to have savings to cover my Masters and didn't have to take one out. If I hadn't been in that position, I would have preferred to take time out to save and do the Masters in a couple of years' time - maybe taking out a smaller loan if necessary.
As they will only take applications nearer the start of the academic year, it's possible to get to the point of enrolling and then find that you don't have the loan you expected.
Unlike Student Finance, you have to start repaying a Career Development Loan at a set point after your course ends. That's whether you can afford it or not.
Personally I've never liked the look of them for those reasons, although I was lucky enough to have savings to cover my Masters and didn't have to take one out. If I hadn't been in that position, I would have preferred to take time out to save and do the Masters in a couple of years' time - maybe taking out a smaller loan if necessary.
Original post by jendra9311
Career Development Loans
What are your opinions?
I don't have a great deal of info on them, but I'm wary of loans and debt and the like.
At the moment my plan to fund my masters is to go part time and work in my off hours to pay the bills. Preferably even take a year out first to save up some money. At my current university it's... Doable. Not comfortable or easy. But possible.
Afterwards I want to go onto the NHS Scientist Training Program so its not like I'll leave uni and get a proper salary - and you have to pay back right away.
What do people think? Any personal experiences?
What are your opinions?
I don't have a great deal of info on them, but I'm wary of loans and debt and the like.
At the moment my plan to fund my masters is to go part time and work in my off hours to pay the bills. Preferably even take a year out first to save up some money. At my current university it's... Doable. Not comfortable or easy. But possible.
Afterwards I want to go onto the NHS Scientist Training Program so its not like I'll leave uni and get a proper salary - and you have to pay back right away.
What do people think? Any personal experiences?
I would work so you can focus on the masters
I am 18 years old and hoping to get a Career Development Loan for a Yachtmasters course at UKSA. A job is pretty much guaranteed at the end of the course. I have heard that others on this forum have been turned down for having an overdraft. I have pocket money paid into my account, but gone overdrawn by a few pounds on each of my last 3 bank statements. Does anyone know how strict the banks are on this? Should I defer until I have 3 clean bank statements? I have been unemployed since leaving college this year and have lived at the same address with my parents for the last 10 years.
Any advice would be helpful.
Any advice would be helpful.
Original post by Surfing Guy
I am 18 years old and hoping to get a Career Development Loan for a Yachtmasters course at UKSA. A job is pretty much guaranteed at the end of the course. I have heard that others on this forum have been turned down for having an overdraft. I have pocket money paid into my account, but gone overdrawn by a few pounds on each of my last 3 bank statements. Does anyone know how strict the banks are on this? Should I defer until I have 3 clean bank statements? I have been unemployed since leaving college this year and have lived at the same address with my parents for the last 10 years.
Any advice would be helpful.
Any advice would be helpful.
I wouldn't bank on it for a Yachtmasters course- to be eligible for one you need to about to study on a course 'provided by an organisation on the Professional Career and Development Loan Register - check with your course provider'
Its definitely an approved course.
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