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For people with student loans from any other company outside of Student Finance
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v.akinyi
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I am wondering if there are other people who took out loans with companies outside of the student loan companies that were for the express purposes of paying tuition fees or living expenses whilst at uni and then found that these loans were then recorded on their credit records? [I'm interested in those situations where the application processes required confirmation of your student status for example by companies like Future Finance and their EU Master+ loans]
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Bluerainy
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Wait can you get loans for uni outside of student finance loans for UK students in UK?
I thought student finance was the only place for student loans
I thought student finance was the only place for student loans
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v.akinyi
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#3
(Original post by Bluerainy)
Wait can you get loans for uni outside of student finance loans for UK students in UK?
I thought student finance was the only place for student loans
Wait can you get loans for uni outside of student finance loans for UK students in UK?
I thought student finance was the only place for student loans
The picture is a little more complex for postgraduate UK students. Before Student finance started to offer the postgrad loan banks operated a loan facility for postgraduate students with and on behalf of the government (of course these terms and conditions had to be favorable to the banks). Even now you can still get funding from banks if you dont qualify for this new loan or need more money to cover tuition fees and definitely if you cant cover living expenses (especially if you're wanting to study in London or one of the more prestigious universities - given that you can only get £10,000). Also there are postgrad loan facilities (for both tuition fees and living expenses) that are run by private/publicly traded companies with and on behalf of organisations like the EU.
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LeapingLucy
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#4
(Original post by Bluerainy)
Wait can you get loans for uni outside of student finance loans for UK students in UK?
I thought student finance was the only place for student loans
Wait can you get loans for uni outside of student finance loans for UK students in UK?
I thought student finance was the only place for student loans
For example, you will have to start paying it back regardless of what you're earning, which isn't the case for a Student Finance loan. A loan of this sort will be a proper debt, whereas Student Finance is more of a graduate tax.
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Zoë3000
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nexttime
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#6
(Original post by v.akinyi)
I am wondering if there are other people who took out loans with companies outside of the student loan companies that were for the express purposes of paying tuition fees or living expenses whilst at uni and then found that these loans were then recorded on their credit records?
I am wondering if there are other people who took out loans with companies outside of the student loan companies that were for the express purposes of paying tuition fees or living expenses whilst at uni and then found that these loans were then recorded on their credit records?
Am I wrong?
(Original post by Bluerainy)
Wait can you get loans for uni outside of student finance loans for UK students in UK?
I thought student finance was the only place for student loans
Wait can you get loans for uni outside of student finance loans for UK students in UK?
I thought student finance was the only place for student loans
Doesn't mean they're a good idea though.
Last edited by nexttime; 2 years ago
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v.akinyi
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#7
(Original post by nexttime)
Is this... surprising? From my limited knowledge, your credit score reflects every potential debt you have, including things like phone contracts. SFE loans are different as you don't have to pay them if you can't afford to i.e. if you income is low, unlike any other debt whatsoever. But a private loan, whatever reason it was given, clearly isn't like that.
Am I wrong?
Of course there are - the free market will offer virtually anything!
Doesn't mean they're a good idea though.
Is this... surprising? From my limited knowledge, your credit score reflects every potential debt you have, including things like phone contracts. SFE loans are different as you don't have to pay them if you can't afford to i.e. if you income is low, unlike any other debt whatsoever. But a private loan, whatever reason it was given, clearly isn't like that.
Am I wrong?
Of course there are - the free market will offer virtually anything!
Doesn't mean they're a good idea though.
There are other loans that are created by the banks themselves and operated just like normal loans for mortgages and everything else in which case its not surprising that these should be on someone's credit file (although there is an underlying issue here of why there is a market for such loans for students in the UK to begin with - whole other thing).
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ygslash
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#8
Being an EU Student in a UK university what are the best private loans for covering living expenses like accommodation and food?
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