Loans for career changers

5

I'm not sure if I am posting in the right place but I am looking to find out what loans would be available for someone who is already a graduate but interested in returning to university to retrain. Unfortunately AI is affecting my current profession and the future in it does not look very bright to me. Some of the alternatives that appeal most would require returning to study at undergraduate level but that will obviously take longer and be more expensive.

I have never taken out a student loan before but I understand that once someone is a graduate they are no longer eligible for an undergraduate student loan. Is that correct?

I don't know if other any other loans function in the same way (i.e. you only pay repay it as a percentage of your earnings each month and then the outstanding amount gets written off after a certain number of years).

Reply 1

lnewman04

7

Normally, once you’ve already got a degree, you can’t get another undergraduate loan — even if you didn’t use student finance the first time. BUT there are a few exceptions:

If you're going into certain STEM subjects, there’s a second degree exception where you can get funding again.

Healthcare courses (like nursing, midwifery, paramedic science, etc.) often have different rules and extra funding options through the NHS.

If you’re training to be a teacher (like doing a PGCE), that’s usually still funded too.

Reply 2

artful_lounger

Universities Forum Helper

21

Original post

by Thomas202

I'm not sure if I am posting in the right place but I am looking to find out what loans would be available for someone who is already a graduate but interested in returning to university to retrain. Unfortunately AI is affecting my current profession and the future in it does not look very bright to me. Some of the alternatives that appeal most would require returning to study at undergraduate level but that will obviously take longer and be more expensive.

I have never taken out a student loan before but I understand that once someone is a graduate they are no longer eligible for an undergraduate student loan. Is that correct?

I don't know if other any other loans function in the same way (i.e. you only pay repay it as a percentage of your earnings each month and then the outstanding amount gets written off after a certain number of years).

You can get student finance funding for exception courses as noted above.

These are part-time STEM degrees, graduate entry medicine/dentistry, most allied health professions courses, plus a couple of others (I think some agriculture related ones for example).

Obviously depending on the field you may not need a degree or a postgraduate conversion course may be sufficient. It's hard to tell exactly what you're looking at to provide more specific advice.

There are also degree apprenticeship schemes which may also consider graduates?

Reply 3

Thomas202

OP

5

Thank you for the answers. Is there a website that sets out the exceptions? Do they apply also to maintenance loans?
I have been considering certain allied healthcare options or teaching (PGCE).

Reply 4

Aleryt

4

Good post

Reply 5

normaw

Volunteer Section Leader, Clearing and Applications Advisor

20

Original post

by Thomas202

Thank you for the answers. Is there a website that sets out the exceptions? Do they apply also to maintenance loans?
I have been considering certain allied healthcare options or teaching (PGCE).

Exception courses are listed here:

https://www.heinfo.slc.co.uk/resources/guidance/courses-management-service-user-guide/eligibility/equivalent-or-lower-qualification-elq-exceptions/?alttemplate=printchapter&id=1454

Nursing, midwifery and Allied Health Profession courses are eligible for both maintenance and tuition fee loans. For other courses, you might only be eligible for maintenance loans and not tuition fee loans. Once you decide what you would like to study, start a thread in the Ask SFE forum with the course and unis you are considering, and an official rep will be able to confirm what funding you would be eligible for.

https://www.thestudentroom.co.uk/forumdisplay.php?f=910

Loans for career changers

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