What types of loans are available to someone wishing to support themselves through a masters course at uni?

Question

I know about CDL loans but are there any other types of loans available for masters students?

Im asking on behalf of my girlfriend she has already been declined a career development loan becasue she lives in Northern Ireland and is going to study in England.Plus to make things worse the masters is two years.She may get a bursary and will have to work but ultimatley she will need a loan of some description.Any suggestions?

Answer 1

Sadly, it's not good news. You can try the Student Loan Company but I am almost 100% sure that they only lend to Graduate level. The only loans that I am aware of are commercial loans. However, the good news on that front is that the commercial banks are competitive. The two banks that I would suggest trying are Barclays and Lloyds TSB. I would not go to NatWest as they have a habit of calling debts in, when you are in difficulty, hit you with extortionate charges when least expected and should a payment be late, they will cripple you. I therefore suggest that you take a Career Development Loan and top it up with a commercial loan. Try playing Barclays off against Lloyds TSB. Inform each one that you have been offered a better rate at the competitor. I know Barclays have some good rates and you might get a further 1 or 2% knocked off.

Answer 2

Ive looked into this as I plan to study for my masters after I graduate. HSBC, Royal Bank of Scotland and Natwest offer loans of varied sorts for students such as yourself.

Perhaps in a few years time the government will make post graduate loans as available as undergraduate loans, once they realise a degree isn't enough anymore.

Answer 3

Rich parents, working, employers etc. I did my first MSc part-time, and worked, lots of other people do, many just saved up and then took a year off work.