I need just ONE year of student funding

Hi! First time posting here. I would like to know if there are any available and trusted funding available for one year of student funding (£9,250)?
Having done 2 years of previous study, I was looking to enroll at a new 3 year course, where SFE can only fund my 2nd and 3rd year, I was told.

I have researched things like Future Finance, but the thought of taking out a loan terrifies me. I do plan on getting a job as soon as I settle this and get enrolled at my course, so I am committed to paying it back as soon as I can.

I would appreciate some advice, explanation of the process, and things to watch out for when taking a loan, please. Thank you very much!

EDIT: I am an EU student.

(edited 4 years ago)

Reply 1

ajj2000

20

Original post by OneKnown23

Hi! First time posting here. I would like to know if there are any available and trusted funding available for one year of student funding (£9,250)?
Having done 2 years of previous study, I was looking to enroll at a new 3 year course, where SFE can only fund my 2nd and 3rd year, I was told.

I have researched things like Future Finance, but the thought of taking out a loan terrifies me. I do plan on getting a job as soon as I settle this and get enrolled at my course, so I am committed to paying it back as soon as I can.

I would appreciate some advice, explanation of the process, and things to watch out for when taking a loan, please. Thank you very much!

Be very cautious about taking out a loan ( non government). How will you cover your living costs? What course?

Reply 2

OneKnown23

OP

4

Original post by ajj2000

Be very cautious about taking out a loan ( non government). How will you cover your living costs? What course?

So I live at home, and I plan on getting a job very soon. Have some interviews scheduled next week, so I hope for the best. I want to study Biomedical Science. :smile:

I plan on staying away from maintenance loan for the time-being, if I can help it.

If I only take out a loan for the first year, am I naive to think that the risks are much smaller than if I were to loan for the full 3 years??

Reply 3

ajj2000

20

Well, it’s less risk to borrow £10k than £30k but still a sizeable risk.

- it’s a lot to repay. Science degrees are full on. You would find it tough to earn enough to live on and reduce the debt.

- after graduation you’ll find that a lot of interest has accumulated. Unlike a government loan you have to pay. That’s really tough.

- horrible risk if you can’t find well paid work.

- you would probably need a guarantor. Do your parents understand the risk? Can they afford to take it?

Seriously, you are rushing this. Take a year out and save £9k. Try to study some of the first year materials independently before you start.

Reply 4

OneKnown23

OP

4

Original post by ajj2000

Well, it’s less risk to borrow £10k than £30k but still a sizeable risk.

- it’s a lot to repay. Science degrees are full on. You would find it tough to earn enough to live on and reduce the debt.

- after graduation you’ll find that a lot of interest has accumulated. Unlike a government loan you have to pay. That’s really tough.

- horrible risk if you can’t find well paid work.

- you would probably need a guarantor. Do your parents understand the risk? Can they afford to take it?

Seriously, you are rushing this. Take a year out and save £9k. Try to study some of the first year materials independently before you start.

Okay. Thank you so much. Can you suggest any good loan companies for students? I really want to avoid a gap year if possible.
Do all loans require a guarantor?

Reply 5

ajj2000

20

Original post by OneKnown23

Okay. Thank you so much. Can you suggest any good loan companies for students? I really want to avoid a gap year if possible.
Do all loans require a guarantor?

There are no good loan companies for students. You have no income, working history, and are a high risk. You will have a tough time borrowing any amount of money without a guarantor - at which point is generally better for the guarantor to make a loan to you directly.

Reply 6

claireestelle

22

Original post by OneKnown23

Okay. Thank you so much. Can you suggest any good loan companies for students? I really want to avoid a gap year if possible.
Do all loans require a guarantor?

Do the course part time and it would mean you could get all your tution funded.