Student Loan help - degree on the line.

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J

James Granger

Free Member
Jan 24, 2017
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  • #1
    Hi,

    Firstly, thank you for clicking on my thread. I am currently in the final two months of completing my duel Masters degree in Law, also completing an LPC. I am expected to achieve a Distinction grade overall and already have conditional job prospects lined up.. However..

    My financial accounts are in trouble. I owe the University 6.9k in fees which I need to pay by the end of June or I will not be able to claim my results and be able to graduate. I am maxed out on my overdraft, and despite working one day a week at a local boutique to try and help get out of this situation, it does not help much. (Silly that I have got into this big mess in the first place I know, and it is now really stressing me out). I have no one I can ask or would want to ask to help me get out of this.

    I currently have around £2,000 which I can use, to turn into the 6.9k required. Here are some options which I have brainstormed but I do really need expert advice and if anybody has any knowledge I would really, appreciate any help which people may suggest.

    1) Taking out a loan (although this is very difficult because my credit rating is very low). Does anybody know of any good student loan services who take into account that most students are in debt and therefore our credit scores are not at a high level.

    2) I have thought about buying products that offer payments in instalments.. for example, the apple store, buying two iMacs using my £2,000 which I have and pay back in instalments at around 15% APR. Sell the macs and keep doing this until I have my £6.9k required. This will cost me a lot in the long run.

    3) Setting up a drop shipping store online and running it through FB ads to promote products. Risky and as I am in the middle of my final exams it is time consuming.

    Any help or ideas would be really appreciated,
    Thank you for taking the time to read my thread and please leave your comments below.

    Thanks, J
     
    A

    Alan

    Free Member
    • Aug 16, 2011
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  • #2
    Step 0.

    Convert you 'conditional' job 'prospects' into a firm Job offer. My experience is that if you are good, they will want you as soon as possible and not muck around 'waiting' on results.

    Once you have a firm job offer - see if you can negotiate a salary advance - employers understand students are poor and the first month or so is hard from a cash flow point.

    Step 1.

    Realise cash from assets. Do you have any assets you can sell / pawn. Car / bike / jewelry / watches / domestic items / old technology / games / books ?

    Step 2.

    Get an extra part time job, flipping burgers or what ever you can get

    Step 3.

    Find a relatively long term / low interest loan

    Your option 2 - is just an expensive way of getting a loan

    Your option 3 - is unlikely to work without a significant investment of time and marketing budget, both which you don't have
     
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    J

    James Granger

    Free Member
    Jan 24, 2017
    18
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  • #3
    Hi Alan,

    Thanks for your swift reply.

    I feel as though my best option at this point is to go down the route of finding a long term / low interest rate student loan. Do you know of any which are specified for students?

    I would have been very willing to get a second job but as my duel masters is coming to the final couple of months, it is something which I am not prepared to do as this takes up 100% of my time studying right now.

    I am in the final stages of two big interviews with huge firms, but these final stages are not taking place until just a few days before I need to pay my university fee to be able to graduate.

    Thanks you,
    J
     
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    Newchodge

    Newchodge

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  • #6
    Have you spoken to your university to see if you can negotiate a period if time to pay. Particularly on the back of your interviews.

    Do you have a personal tutor you can discuss options with?
     
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    J

    James Granger

    Free Member
    Jan 24, 2017
    18
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  • #8
    Today I received a letter saying I have until the 22nd of May to pay the full amount or I get kicked off the course. The university is unwilling to budge on this agreement, despite my grades and job prospects.

    I have contacted a couple of loan suppliers and they are unwilling to give me a loan due to my bad credit score which has been picked up due to my debts at university.

    Today I got offered a job for October but I need to raise the money within the next 7 days.

    Are there any loan companies which can do it this quick?

    Thank you all so much for the help so far
     
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    fisicx

    fisicx

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  • #9
    James Granger said:
    Today I got offered a job for October but I need to raise the money within the next 7 days.
    Click to expand...
    Sell everything you own.

    However, the chances of you getting that sort of cash in 7 days is almost zero unless you use the likes of wonga.
     
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    M

    macfanuk

    Free Member
    Oct 17, 2010
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  • #12
    Nochexman said:
    Hello James, but I don't understand...

    You've created a subject line of "Student Loan help", but you don't seem to have a student loan.

    Can you clarify this as the obvious solution is to obtain a student loan.
    Click to expand...
    In my experience, you can't get a student loan for a masters degree (student loans are for undergraduate degrees).

    When I decided to do a masters degree, I had to fund it myself through a payment plan with the university.
     
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    D

    DontAsk

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    Jan 7, 2015
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  • #15
    macfanuk said:
    In my experience, you can't get a student loan for a masters degree (student loans are for undergraduate degrees).
    Click to expand...

    Nochexman said:
    I might be wrong, but I believe my daughter has one. There is some information here; can't vouch for it, just something off google...
    Click to expand...

    I think there is confusion between post grad and under grad study. An under grad course resulting in a masters will be funded by the student loans company. A lot of under-grad courses have this option. A post-grad masters may be different.
     
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