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Student loans

This section of the site will consider two types of student loan. The first is the basic student loan that the majority of students will take out. The second is a commercial development loan.

The first type of loan is provided by the Student Loans Company and is essentially an interest free gift from the government which only has to be paid back when you're earning over £15,000. The loan will increase by inflation, however, in reality this is not making the debt any greater in terms of what its worth.

The student loan is a highly generous financial gift from the government and should not concern those with one greatly. Although the average loan of about £12,000 and up to £20,000 seems like a great deal of money it does not have to be paid back until you're earning - and even then the rate of repayment isn't massive. It should be viewed as another tax which comes out of your pay packet before you've had a chance to miss it.



One key tip about this type of student loan is that there are few good reasons to pay it off early. If you have the money to pay the loan off then don't pay off the loan. In real terms (accounting for inflation) the loan is not increasing in value, if you put the money in a savings account your savings will increase in value above the rate of inflation.

Graduate loans

Unlike undergraduates, postgraduates are not eligible for loans from the Student Loans Company. But there are loans available for postgraduate study and it is worth exploring the options.

There are many good reasons why postgraduates take out loans. Without any comprehensive funding provision and the difficulties balancing study commitments with work, some people believe that borrowing money is an effective short-term solution.

If you an undergraduate you will probably already have a loan or an overdraft to repay. Although postgraduate study does on the whole improve your employment prospects, you should think very carefully before you add to your debt burden.
A Career Development Loan (CDL) can help you gain the experience, training and qualifications you need to improve your job skills or even launch a new career.

You can use it to fund a variety of vocational (work-related) courses with a wide range of organisations, so you are able to choose the course that best suits your needs. You can take out a CDL whether you are employed, self-employed or unemployed.

CDLs are available through an arrangement between the Learning and Skills Council (LSC) and three high street banks.

In summary:

> you can borrow anything between £300 and £8,000 to help you fund up to two years of learning (or up to three years if the course includes one year of relevant practical work experience)

> you can get CDLs through Barclays, The Co-operative Bank and The Royal Bank of Scotland

> the LSC pays the interest on your loan while you're learning and for up to one month after you've stopped training

> you then repay the loan to the bank over an agreed period at a fixed rate of interest

Remember that a CDL is a personal loan between you and the bank, and you are responsible for repaying it to the bank. Before taking out a loan, check how much your monthly repayments will be, and that you feel confident that you will be able to make them.

A Career Development Loan (CDL) can help you gain the experience, training and qualifications you need to improve your job skills or even launch a new career.

You can use it to fund a variety of vocational (work-related) courses with a wide range of organisations, so you are able to choose the course that best suits your needs. You can take out a CDL whether you are employed, self-employed or unemployed.

CDLs are available through an arrangement between the Learning and Skills Council (LSC) and three high street banks.

In summary:

> you can borrow anything between £300 and £8,000 to help you fund up to two years of learning (or up to three years if the course includes one year of relevant practical work experience)

> you can get CDLs through Barclays, The Co-operative Bank and The Royal Bank of Scotland

> the LSC pays the interest on your loan while you're learning and for up to one month after you've stopped training you then repay the loan to the bank over an agreed period at a fixed rate of interest

Remember that a CDL is a personal loan between you and the bank, and you are responsible for repaying it to the bank. Before taking out a loan, check how much your monthly repayments will be, and that you feel confident that you will be able to make them.

 

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