I'm going back into education (PGCE) in Sept but have an unsecured loan outstanding. What options to postpone/freeze/refinance?
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414manzanilla postedrefinance - no chance
postpone - no chance
freeze - depends on what the rest of your finances are like. If you could post details here http://boards.fool.co.uk/Messages.asp?mid=11841952&bid=50079 preferable including a Statement of Affairs (this explains how http://boards.fool.co.uk/Message.asp?mid=11023572) you will get some indication of your options.
manzanilla
Posted on 18 February 2010 |
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273Swarbs posted
You might be able to get a Professonial and Career Development loan, where the interest is paid for by the government until you graduate:
Although the rate is quite high at 9.9%, so make sure it won't burden you after graduation.
Alternatively, you are eligible for all the support available to undergraduates, and so can take out student loans which are a much cheaper way of borrowing. If you will already need the loans to cover day to day expenses, then you may be able to apply for grants and support if you are on a low wage:
Posted on 19 February 2010 | Love 1 love
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216SoftwareBear posted
PGCE is not an undergrad course ... Post Grad Cert Ed ... often there are bonus payments though related which subject you're teaching.
Posted on 19 February 2010 | Love 1 love
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273Swarbs posted
SoftwareBear, if you read the link you will see that
"Unlike
most other postgraduates, students doing a postgraduate course of
Initial Teacher Training (such as a PGCE) can qualify for the finance
package usually available only to undergraduates."
It's the government's attempt to do something about the falling rates of teacher trainees, and the fact that the full cost of a PGCE doesn't stack up against the financial rewards in the way that something like an MBA would.
Posted on 19 February 2010 | Love 2 loves
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216SoftwareBear posted
Swarbs ... as you suspected ... I didn't read the link 8-)
Posted on 19 February 2010 | Love 0 loves
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273Swarbs posted
ckm4328, the Professional and Career Development Loan is basically a loan secured against your future earnings due to undertaking development activity. If Basil is currently working in low income / part time employment, then gets a PGCE, he's likely to have a better salary after qualification. The government pays the interest whilst you study and once you qualify you pay the loan back out of your improved salary. It's like a substitute for student loans for postgrads.
In the case of a PGCE, Basil should be eligible for standard student loans, he can't take out both. But if his circumstances make it impossible to get a student loan for whatever reason, the CDL is an option for refinancing the current loan until after he finishes to course.
Posted on 20 February 2010 | Love 0 loves
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