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career development loans

SystemSystem Posts: 8,619 Staff Moderation Team
another thread from me. sorry.

its all about moneymoneymoney with me right now.

im going to study my lpc course in sept. ive been offered a place and they want a £200 deposit from me next week. im a little reluctant to hand it over though because im not sure ill be given a loan given the current financial situation.

i graduated about a year and a half ago now. since then, ive managed to max out two overdrafts, 3 credit cards and i also got a graduate loan of £3k. im in £8k debt. can i apply for a career development loan if ive got a graduate loan with the bank already?

im going to have to apply for my loan to pay for my course (gonna have to take out about £8000) in june/july time. i should have paid off two of my credit cards by then.

do you think i'll get one? im thinking not.

when my friend applied for hers (which was £15k) she had two maxed out overdrafts and a credit card buts its nowhere near as bad.

im just really concerned. i really want to do this course THIS year. i dont want to have to wait until next year until my debts are cleared. i wont be able to afford the course without the loan and theres no way ill get funding for off a firm because i have no legal experience and only got a 2:2.

i should have all of my debts paid off by time i finish my course and repayments for a loan would start (at least, that is my plan. the loan will definately be gone by then as i only have 23 payments left and i aim to have my credit cards paid off by the end of the year - overdrafts cleared next year) but would that even be taken into consideration?

im just really worried :(

i know im probably best speaking to my local bank manager about all this but i dont want to do that until my finances are a bit better.

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Hi,

    You'd be looking at getting a Professional Studies Loan rather than a CDL for an LPC won't you? My boyfriend got his from Barclays when he did his postgrad law courses (but I think a few other banks also offer them), and the loan covered tuition fees and living costs. I don't know how much of a difference the economic situation will make, but it's a loan for students, so they know that your financial situation isn't going to be great, but as a future solicitor you've a fair chance of making pretty decent money afterwards, so they'll probably regard you a good credit risk.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    i wont be able to afford the course without the loan and theres no way ill get funding for off a firm because i have no legal experience and only got a 2:2.

    I really honestly would ask yourself if this is the best option for your carrear becomming a lawyer or a solicitor is highly competitive and i know people with 2:1s from top universities who are struggling to find a training place after doing an lpc and if your in debt now your only going to end up even further in debt at the end of your course and then have no guarentee of finding a job. I don't want to sound too negative but you really need to have a chat to a few people who work recriting lawyers to see what your chances are likely to be getting a job at the end of it becuase othewise you will just get further into debt and will also be dissapointed.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Wyetry wrote: »
    I really honestly would ask yourself if this is the best option for your carrear becomming a lawyer or a solicitor is highly competitive and i know people with 2:1s from top universities who are struggling to find a training place after doing an lpc and if your in debt now your only going to end up even further in debt at the end of your course and then have no guarentee of finding a job. I don't want to sound too negative but you really need to have a chat to a few people who work recriting lawyers to see what your chances are likely to be getting a job at the end of it becuase othewise you will just get further into debt and will also be dissapointed.

    it is highly competitive yes, i know that.

    however, i know quite a few people who i went to university with who got a 2:2 who have managed to secure themselves a training contract. this is with and without experience too!

    this is what i want to to. the way i see it is if i never try then i'll never become a solicitor. everything is worth a try. even if i don't secure a training contract, having the lpc qualification will open up many doors for me in terms of getting a law-related job (e.g. paralegal). if i dont do this course, i'll always be thinking "what if...".

    what you are saying is something i do think about alot though. i just don't know what i'd do if i didn't do this course. there is nothing else i really want to do. i regretted not taking up the place i had offered to me last september so if i don't go this year, i'll just end up applying again next year. i know i will.

    melian - im going to be studying the course part time so i wont be taking out money for living costs, just the course fees as im going to carry on working full time so yes, im looking at a cdl as they don't charge interest on your loan whilst you are studying whereas the professional development loans do.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Oh right. Is it actually practical to do it alongside a full-time job? My boyfriend's LPC was fairly full-on, even as a part time course I should imagine it's pretty demanding, and would certainly be tricky to juggle with a full time job. Have you the option of reducing your hours at all?

    Also, CDLs only pay 80% of course fees. You'll still have to stump up the rest yourself, and once they do start charging interest, their rates are really high. I borrowed £8k, to pay back over 5 years at £181.10 and by the end of my first year of repayments I had still nearly £7k to go. Luckily for me that was before the credit crunch and and I was able to get out an Alliance and Leicester loan to repay the whole lot, and the A&L interest rate is SO MUCH better than the original CDL. I can't remember exactly what my finances were like when I applied for the CDL - not great I'm sure, after 4 years of uni.

    If I were you I'd have an informal chat with one of the banks offering the CDL and see when they suggest you should apply.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    only 80%? oh, i didn't know that. i will probably apply for a professional development loan then.

    im doing my lpc part time. all day on a wednesday. ill have evenings/weekends to study. im probably going to cut my shifts down to 4 a week if my finances will allow it. its going to be far from easy but i know plenty of people who are doing it at the moment and they are managing.

    if i put the effort in, ill be fine.
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