Hey guys I’m still in the process of arranging my student finance for the MA I am going to be starting in Sep, and was wondering if anyone could offer me any advice on which bank offers a good deal on student/graduate accounts with a decent overdraft.
Previously I was going to apply for a Career Development Loan (£2000), but then I was advised by a bank, to not to take out the loan and maybe just increase or open an account that has a £2000 overdraft limit, which would be better for me as it will be interest free.
But some banks have a catch to their graduate accounts, like with Barcleys you only get the full £2000 overdraft if a certain amount of payments have been made into the account.
Does anybody know how may instalments the bursary is?
Any advice would be great.
Thanks
Kiran
Hi
i believe the bursary is paid in 3 installments- one in September or so long after they have processed your application-whichever is later, one in January and then one in April.
i was going to apply for a CDL but not sure now. however the bursary alone isnt enough for me to live off! its such a nightmare isnt it. xx
The career development loan is interest free for the duration of your course.
I was also told on Saurday that the bursary isn't paid until you have been confirmed as attending the course for 5 weeks. It then takes 30 days to process - so it looks like we won't get any payments until November.
Hi,
I am new on here. I am also planning on starting a course in September but am starting to have second thoughts because of finance issues.
I was also going to apply for a career development loan and the bursary but if I don't get either of these I don't see how I can manage. I am in ajob at presenet and need to decide so that I can hand in my notice.
How does everyone else manage?
Hello!
Thanks for your replies. Coltrane, I am also starting to have second thoughst about doing the course, as I am still worrying about how I will manage to fund myself, I guess I’ll have to rely on my parents for some money (only about a grand), and then use my bursary money wisely when I do get it. I think I’ll have to keep a budget, its mainly my travel expenses that which will drain my pockets lol.
3kids, I know that the CDL is interest free, but the idea of having to pay it back 6 months after graduation, isn’t really Appealing to me lol. What if I dont get a job, how will I pay it back? If I knew 100% that I will have a income coming in after graduation that Id jump at the chance of getting the loan (cos lets face it, I need it!)...if you get where Im coming from? (after saying this Ill probably still end up getting the loan, a few months down the line...haha).
Can you only apply for the loan at the start of the academic year?
I was planning on opening an account with a interest free over draft of 2k, but apparently I’m not entitled to the full 2k :-(, so its not looking to good!
You could always get out the CDL, put it into a really high interest account and then you will have to pay less interest when you pay it back. Also, I had/have a Halifax student account which I opened when I did my undergraduate. They give out £3000 at the most but they only gave me a grand a year. I presume this is what the case is with Barclays, so they might just give you a grand per year. Give them a call and find out!