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    Hi all,

    As someone who has struggled with getting access to student loans for a postgraduate course, I wanted to reach out to other students here and find out more about:

    (1) What were the challenges and obstacles that you faced when trying to access student loans/ funding?

    (2) What was your ultimate solution?

    (3) Do you have any suggestions in terms of what could be done by lending providers or banks to make access to finance easier?

    Thank you in advance!
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    (Original post by edinvest)
    Hi all,

    As someone who has struggled with getting access to student loans for a postgraduate course, I wanted to reach out to other students here and find out more about:

    (1) What were the challenges and obstacles that you faced when trying to access student loans/ funding?
    There are no SF-style student loans for postgrad study. I didn't bother applying for the Professional & Career Development Loan (Masters only - you can't get one for a PhD) as I didn't want to get tangled up with a bank-style loan with set repayment terms which take no account of your income. There were supposed to be Masters Student Finance-style loans starting next year, but the government us still discussing them and there's a feeling that they may not happen.

    (2) What was your ultimate solution?
    Used my savings and my parents kindly paid my commuting costs.

    (3) Do you have any suggestions in terms of what could be done by lending providers or banks to make access to finance easier?
    The banks don't really get much benefit from the PCDL, so it's not a matter of what they could do to make it easier to access, it's more about what would make the PCDL more commercially attractive for the banks. That's the reason only two banks offer them.

    The government already subsidise PCDLs. You're essentially talking about an unsecured loan for up to £10,000, given to a borrower who usually has no direct job prospects or guaranteed ability to pay. Defaulting on repayments is a significant risk. To be honest, I'm quite surprised that any bank considers it a sensible form of lending at all.

    To make them easier for students to access, you'd need to make it more advantageous for banks to offer them which might increase availability. Maybe increase government subsidy (highly unlikely) or increase interest rates (not good for students).
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    Thank you! That is a very helpful response!
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    Ultimate solution was work first to save up, pretty common.
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    Ok, thanks.

    I was curious about why students in general were denied access to loans or funding and what their alternative was at that point?
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    (Original post by edinvest)
    Ok, thanks.

    I was curious about why students in general were denied access to loans or funding and what their alternative was at that point?
    What do you mean by "denied access"? There are no automatic funding mechanisms, that is not the same as "denied". Money doesn't grow on trees.
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    (Original post by edinvest)
    (1) What were the challenges and obstacles that you faced when trying to access student loans/ funding?
    I'm a social science student - there's very little funding in my area! When applying for my current course, we were told not to bother putting in a funding application to the major funding bodies as we wouldn't get it.

    (Original post by edinvest)
    (2) What was your ultimate solution?
    Masters - did this part-time alongside my full-time study and persuaded my employer to contribute.
    Doctorate - worked first so I could afford it.

    (In the few responses so far, you've already got the three main answers i.e. saved up - employer contribution - parents helped)

    (Original post by edinvest)
    (3) Do you have any suggestions in terms of what could be done by lending providers or banks to make access to finance easier?
    It's political - unless there is government support and commitment to higher education, the lending providers/banks can't do anything. I suspect that, as you're after information, you might find the government consultation document interesting - it answers a lot of your questions - but as Klix says, the likelihood of it actually coming to anything is low and decreasing

    https://www.gov.uk/government/consul...-other-support
 
 
 
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