Student finance for under 18's.. Watch

meekan
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Report Thread starter 10 years ago
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Just wondering, what the deal is with student finance for under 18's. I will actually be 16 when I start university in September ( don't turn 17 till october). I'm guessing there will be certain accounts/support that I won't be able to have? Will be going to uni at St.Andrews, and I live in Scotland. If that makes a difference. I know nothing about finance
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limechateaux
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I'd like to know that too, I'll be 17 when I'm at uni and I will need some sort of bank account :p:
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Rob 07
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It is virtually impossible to obtain an overdraft under the age of 18, as the consumer credit act or some similar legislation prohibts banks lending money to people aged under 18, you will need to speak to your bank/ building society to see if they can offer you a student account with no overdraft facilities, if this is not possible then you will have to settle for a young persons account for example with Barclays which provides you with a visa debit card but does not allow you to go overdrawn, then when your 18 you would be able to open a student account.

With regards to student loans, you would need to contact the student finance company to ask for more information.

Hope this helps
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*pitseleh*
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(Original post by Rob 07)
It is virtually impossible to obtain an overdraft under the age of 18, as the consumer credit act or some similar legislation prohibts banks lending money to people aged under 18, you will need to speak to your bank/ building society to see if they can offer you a student account with no overdraft facilities, if this is not possible then you will have to settle for a young persons account for example with Barclays which provides you with a visa debit card but does not allow you to go overdrawn, then when your 18 you would be able to open a student account.

With regards to student loans, you would need to contact the student finance company to ask for more information.

Hope this helps
I don't know about that; I had my first overdraft when I was 16. Admittedly it was a small overdraft, so perhaps there are laws to prevent large overdrafts being set up by under-18s.

Surely the best thing to do, OP, is to call your bank?
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