Career Development Loans? Watch

areonite
Badges: 0
Rep:
?
#1
Report Thread starter 7 years ago
#1
Two questions really. I have a place for a postgrad course which is normally NHS funded (Msc Speech & Language Therapy), but as this university is in Scotland I will have to pay the tuition fees myself, which are £15,000+ altogether for 2 years!

Does anybody have any experience with Career Development Loans, do you know what the rate of interest is and how long would it take to pay back a loan of £10,000? How far in advance do you have to apply for these loans?

On a more personal note, do you think I should take the place on this course and pay, as it is very competitive and I did well to secure a place, or should I take another year out, get some more experience in my area and apply again next year hoping for an NHS funded place in England? (Which are ridiculously competitive - 300 applicants for 18-30 places at most unis)
0
reply
areonite
Badges: 0
Rep:
?
#2
Report Thread starter 7 years ago
#2
bump
0
reply
N.Monkey
Badges: 0
Rep:
?
#3
Report 7 years ago
#3
Hi, I think this page below may answer some of your questions:

http://www.direct.gov.uk/en/Educatio...oans/index.htm
0
reply
Itchynscratchy
Badges: 9
Rep:
?
#4
Report 7 years ago
#4
Rate of interest varies between banks, I think it's normally fairly low though.

as for how long it takes to pay back, it's up to you. You fill that in on the form (to a maximum of so many years, I forget exactly). Obviously the longer you put the lower you individual payments will be but the more you will pay back overall.
0
reply
hypocriticaljap
Badges: 0
Rep:
?
#5
Report 7 years ago
#5
There are only 2 banks offering career development loans. Barclays and the co-op. They are interest free for 1 year. Other banks offer similar products but they aren't government backed and charge interest from day 1. Once you do start paying nterest it is quite a bit higher than a commercial bank loan.
0
reply
Kafka is magic
Badges: 0
Rep:
?
#6
Report 7 years ago
#6
Hey areonite,

I took out a CDL from the co-operative bank this year. The anual interest is 9.58%. One of the above posters is right, however, in that how long you decide to pay back the loan will determine how much interest you pay.

I personally took a £4000 loan and chose to pay it back over 3 years, which means I have to pay back £4,614 in total. I will pay £128.19 a month which I thought was manageable for myself given I dont anticipate ending up in a particularly highly paid career. I think you have the option of paying the loan back in a period of between 2-5 years. In terms of applying for the loan - usually its a couple of months before the start date of the course - you could to it earlier but they wont assess your application up untill that point anyway.

I think the best advice is weigh up your future career plans/prospects against the amnount and terms you borrow.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

University open days

  • Cardiff Metropolitan University
    Undergraduate Open Day - Llandaff Campus Undergraduate
    Sat, 27 Apr '19
  • University of East Anglia
    Could you inspire the next generation? Find out more about becoming a Primary teacher with UEA… Postgraduate
    Sat, 27 Apr '19
  • Anglia Ruskin University
    Health, Education, Medicine and Social Care; Arts, Humanities and Social Sciences; Business and Law; Science and Engineering Undergraduate
    Sat, 27 Apr '19

Have you registered to vote?

Yes! (502)
37.74%
No - but I will (102)
7.67%
No - I don't want to (91)
6.84%
No - I can't vote (<18, not in UK, etc) (635)
47.74%

Watched Threads

View All