career development loan

[djmac77]

i am about to start an it networking course that is beenig funded by a career development loan (CDL). please could somone tell me if it is a good idea?, i dont start paying it off until 2007. and its 13.08%. if i can raise the funds by 2007 its interest free, my course has a job guarantee off 20K+. I should have a job in six months (once my course is completed.)

Many thanks

[stevie21]

If you've not paid off this CDL by your date in 2007, there's nothing to stop you asking them for the outstanding balance, getting a separate and much cheaper loan for that amount and then paying off the CDL.
That way you'll be paying back a balance at about 7% instead of 13%

[djmac77]

thank you very much stevie21, i did not think of that.

ideally i would like to clear it before 2007. but something always comes up so that is a good option.

Thanks

[stevie21]

I work on commission - how much is your loan? :-D

[Lisa 69]

I always find the best way to borrow money for cheap is to get a credit card with 0% interest for 6 months and then after about 5 months start looking around for another credit card with 0% interest and transfer the balance this way you never pay interest.