student finance

[nextqueen]

where do you look for a student loan for a masters? my friend's daughter needs to get one asap as course already started. she needs to borrow 4500k over 1 year to pay back at the end which she says you can do rather than pay as you go along. her daughter has a weekend job that perhaps pays 350 per month. she has only found a loan that she must pay 520 and earns less obviously. im surprised the uni hasnt pointed them in the right direction but obviously not. the best rate they have found is 9% going up to 20%. any ideas who to go to? it sounds like a specialist loan. i dont know if her parents salaries will be taken into account as thats not alot. i dont want to go into detail with them personally as i think this is private but would like to help them find a good deal.

[Buenchico]

Start here
http://www.direct.gov...uGraduate/DG_10012463
but give special attention to the link for 'Professional and Career Development Loans'

Chris

[boxtops]

I would have thought that the student support unit at the university where she is going to study would be a good place to start - they should have all the info which she might need.

[nextqueen]

the loan is requrired by monday!

[boxtops]

Obviously not our business, but why has she left it so late? She may not have a lot of choice now, with such a short deadline.
The only thing I could suggest is take what's on offer but rapidly look round to pay it off and take out a new one with a better rate in a couple of months' time.
IMO a "pay at the end" loan would probably be a worse risk to the lenders (and thus a higher interest rate) as if you pay monthly, at least the intention to pay is being demonstrated.

[nextqueen]

left it late as she waiting to see if she had a place on the course. she has been told now that she needs to start asap as she has already missed some of the work. it seems a mess to me. btw, do her parents finances have a bearing on her loan application if she has a weekend job herself?

[squarebear]

4 and a half million pounds?!!
Why on earth would she need so much?
I seriously doubt anyone would lend such a large amount.

[jp_2031]

I agree with squarebear... I know being a student means parties and booze... but 4.5mil isnt required.

Its been left simply too late to get a student loan. It takes months to process because of the simple fact there are so many people wanting student loans. I applied for mine in April, got mine just last month there.