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BEWARE! Postgrad loan problems Watch

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    I applied for the full £10k loan for a Masters degree course which lasts 15 months. This was for course fees and also budgeted for living costs. It even asks this in the online application.

    However, SF class every Masters course as 2 academic years which means they make 3 payments each year, (Oct/Jan/Apr) but its only enough to cover course fees. If I don't pay them, I can't study.

    Basically 1 month and 5 month after my course finishes they are still making payments to me! My uni are useless and unhelpful, they just want the money up front. It's a bit of a trap, they don't tell you about any of this beforehand and lots of people have this problem as you have to pay it back sooner if you leave in mid-course.

    Apparently SF won't do anything either if you contact them. So beware if you're getting this full post grad loan for a course less than 2 years.
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    (Original post by nmpk)
    I applied for the full £10k loan for a Masters degree course which lasts 15 months. This was for course fees and also budgeted for living costs. It even asks this in the online application.

    However, SF class every Masters course as 2 academic years which means they make 3 payments each year, (Oct/Jan/Apr) but its only enough to cover course fees. If I don't pay them, I can't study.

    Basically 1 month and 5 month after my course finishes they are still making payments to me! My uni are useless and unhelpful, they just want the money up front. It's a bit of a trap, they don't tell you about any of this beforehand and lots of people have this problem as you have to pay it back sooner if you leave in mid-course.

    Apparently SF won't do anything either if you contact them. So beware if you're getting this full post grad loan for a course less than 2 years.
    I don't mean to be rude, but it seems as if the error is on your part rather than stdent finance or your uni. From the looks of things, because your course is 15 months long, you mistakenly asked for your student loan to be paid over 2 years instead of the usual 12 months. That would be why you are still receiving payments.

    Also, student finance doesn't class ALL masters as 2 year courses. Their FAQ ddocument says: 'If they're studying full time the course can last for one or two years' - indicating that this depends on the course/uni.

    For example, my course lasts 12 months, and I applied for the full loan. I recieved my first installment of something around £3300, which would be correct as I applied for my student finance to be paid over 12 months.

    Also, presumably you would have had to set up a payment plan with the uni to pay the fees and agreed to the terms of conditions, so you would have been fully aware that the fees were due upfront.

    It's worth going back over your documentation and seeing when the loan installments are due (this will be on the student finance portal and will have an exact breakdown of payment dates) Also, if the issue is that you can't afford to pay the fees because of the payment schedule, you should contact the finance department of your university to see if you can arrange something with them.
 
 
 
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