New University, New Course. Already taken 1 year and a gift year.

OK, Here is my problem, I have taken the wrong course. I decided after pressure of my family and friends to try again and I did. I resat the year. I know now I defiantly want to leave.

I know you get four years of funding, thats including your gift year.

Shall I still get two years of funding left then?

Will i have self fund my first year?

If so any tips on how to self-fund my first year?
Can I get loan from the bank?

can I get a full loan from student finance, so i have pay back for the whole year?

Thank you, I kept it plan and simple so my situation is easy to understand :P x

(edited 10 years ago)

Reply 1

Klix88

I think you've calculated your remaining entitlement correctly. The calculation is:

Number of years of your new course (minus) Number of years of previous uni-level study (plus) One year = Number of years of remaining SF entitlement

You've already had 2 years at uni. If you start a new 3 year degree from scratch the calculation gives you 3 - 2 + 1 = 2

So as you've figured out, you have 2 years of full SF remaining (subject to the usual criteria), which you will get in the second and third years. In the first year you will get a Maintenance Loan but no Tuition Fee Loan or Maintenance Grant. You'll need to self-fund most of the cost of your first year.

I'm afraid there are no easy answers about how to fund the first year. You're unlikely to get a bank loan - even the Professional and Career Development Loan is aimed at postgraduate study and not undergraduate. You can't borrow the money from Student Finance - whilst they give out "loans", they're not loans in the bank sense, so you can't choose to have more than your entitlement.

Reply 2

jelly1000

Original post by andycard

you will get a non means tested maintenance loan for your first year but any other money will have to come from you or your family.

Reply 3

Knalchemist

Original post by jelly1000

you will get a non means tested maintenance loan for your first year but any other money will have to come from you or your family.

The loan is means tested.

Reply 4

Kj2013

Original post by andycard

Yes you will have 2 years funding left. You could get a bank loan if u have good credit and a job. You'd have to say it was for something like a car

Reply 5

Comstock

I'm in a similar position so forgive me for jumping in here rather than starting a new thread. How much maintenance loan do you get in this situation? And what about fees? Do you have to pay the full 9000 yourself?

Reply 6

Klix88

Original post by Comstock

How much maintenance loan do you get in this situation? And what about fees? Do you have to pay the full 9000 yourself?

The Maintenance Loan will be about £3800 for 2014/15. And yes, I'm afraid you have to find the full Tuition Fee yourself.

Reply 7

Klix88

Original post by Kj2013

You could get a bank loan if u have good credit and a job. You'd have to say it was for something like a car

Firstly, that's fraud.

Secondly, the OP has not had, and will not have, a job. They will be a full-time student, which is why they need the loan. It's very unlikely they would be able to get a commercial bank loan as they will not have the means to repay it.

Reply 8

Kj2013

Original post by Klix88

It's not really fraud if u repay it. It doesn't really matter why u need the loan. I'm starting a full time degree in September and keeping my job so wtf is your post all about? U can work and go to Uni! Most people I know do!

Reply 9

Klix88

I'm starting a full time degree in September and keeping my job so wtf is your post all about? U can work and go to Uni! Most people I know do!

Most students will not earn enough to service a bank loan and be considered a good repayment risk.

The OP will need £9000 + living costs, which is a large loan. It's an old cliche, but banks won't lend you money unless you have the means to repay it. I seriously can't see a bank agreeing a (for example) £15,000 loan for someone who is a full-time student.

Assuming that the OP needs an unsecured loan over 10 years, is not a home owner, claims it's for a new car and lies about not being a student, for a £15,000 loan at an APR of 4.9% they can expect to repay £344.99 a month. Check the figures here: http://www.barclays.co.uk/Howtoapply/LoansCalculator/P1242639349283

Presumably if the OP could afford that level of repayment, they wouldn't need the loan in the first place. I think you underestimate how much commercial bank loans cost, and how much someone needs to earn in order to repay one.

Reply 10

Kj2013

Original post by Klix88

Listen, it isn't impossible! I know full well how much things cost thank u very much. I'm 29 and I own my own house. You could get a loan just to cover the tuition fees of 9k over 5 years and work to make payments and to live!

Reply 11

suedonim

Original post by andycard

Any chance you could switch to a course sufficiently similar for the first year to count as credit? You'd then finish in the two years for which you have funding. Or you could do an open university degree, where they may be more likely to give you credit for the year you have finished - if you passed your exams.