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    Hi,

    So I've applied for a taught Master's starting in September and haven't been accepted yet but I'm thinking ahead to money matters.

    I'll be applying for the government loan, and working part time, but I'm considering taking out a smallish private loan from one of the companies geared at students, to cover initial rent costs, book costs, the first fee payment, etc.

    Is this worth it, or will I be in debt for like, the rest of my life?
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    Better to avoid if possible, do you not have any assets you could leverage?
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    Look very carefully at the private loans. They expect you to start paying during your course - they loan you money, add interest and then start demanding repayments pretty much immediately. The interest is also at a commercial level and not like Student Finance - you will be expected to continue repayments even if you had no way of repaying. Think ahead to finishing your Masters - how would you make repayments if you couldn't find a job immediately after finishing?

    If there's any alternative at all, don't go near private lenders. Even if it means deferring for a year and saving a bit of money.
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    (Original post by Farchitect)
    Better to avoid if possible, do you not have any assets you could leverage?
    (Original post by Klix88)
    Look very carefully at the private loans. They expect you to start paying during your course - they loan you money, add interest and then start demanding repayments pretty much immediately. The interest is also at a commercial level and not like Student Finance - you will be expected to continue repayments even if you had no way of repaying. Think ahead to finishing your Masters - how would you make repayments if you couldn't find a job immediately after finishing?

    If there's any alternative at all, don't go near private lenders. Even if it means deferring for a year and saving a bit of money.
    Thanks for the advice, if I get in I am going to go ahead this year but study part time, work and live at home for the first year.

    Farchitect I'm not sure what you mean by other assets.... savings etc? If so, then no :P
 
 
 
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