I have literally searched everywhere and I cannot find anyone who has had this same issue.
I am studying an online self paced Masters. I applied for my Masters Loan online. There was the exact option for my degree which was the "distance learning" version, however on the online form, it does not ask for the course duration (it does on the paper form). With this particular course, you complete the degree per module at your own pace so there is no fixed duration. I am planning to complete my degree in March 2022 (18 months), but there are are students who may choose to take 3 or 4 years.
My application has been approved, however, the payment schedule has been set over 3 years with the last payment due in April 2023. After March 2022, I am planning to be fully done so payments over 3 years will not work for me.
I contacted SFE who confirmed that the university set the timeframe so they cannot change it.
I then contacted the University, who confirmed that they provide SFE with average time it takes to complete the course.
I find that really strange, as an average schedule puts people who want to complete it sooner at a disadvantage. Surely it would make more sense to provide the minimum time frame.
It makes sense for a student completing a 3 year degree to receive their payments in 2 years, however it makes no sense for a student completing an 1.5 or 2 year degree to receive their payments over 3.
I have emailed the University to ask them to provide an official letter to confirm that students may complete the degree over 18 months so I can provide this to SFE. Hoping for the best.
I really do not want to be in a position where I am forced to extend my studies over 3 years unnecessarily due to the finance payments.
Has anyone else had an issue like this? Is this something which is easily fixed?
The university sent me a form for me to complete my “schedule of study” where i was able to document the dates I plan to complete each module.
Looks like they will submit this on my behalf