Urgent info needed on Student Loans

D

David S

Guest
I am looking for information on rates regarding student loans. I am currently living in Dublin & will be moving to Liverpool next week to start study. Would it be advisable to take out a loan here or going to England to do it? I believe interest rates are about 8%, which I think is extremely high for a student account. I will be looking for approx. £5000 Sterling. Any information would be helpfull.
Thank you for your time.
 
loans

I'll be interested to see what the replies are. I attempted to take out a loan to cover expenses on returning to college in 1993, and there was no way I could get one unless I had a job and was able to pay it back from the beginning. I believe you can get loans in the UK that you don't start to pay back untill you get a job earning above a certain level (ie when you get a full time work after finishing college).
 
borrowing

Hi David

Check out your local Credit Union. Most are ridiculously expensive, but some do offer students cheap loans e.g. 6%.

There is a UK state scheme, but I know nothing about it. A chat with your Student Welfare office the UK would answer that. You can also ask the question on www.fool.co.uk

On balance, I would guess that you would be better off borrowing in the UK. You won't have to convert € into sterling. And if you intend to earn some money in the Uk, then you would be paying it off out of sterling earnings.
 
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