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Dada or student loan ?

Posted: Mon Mar 09, 2015 4:13 pm
by oscar
This seems such a minefield and I would love to hear from anyone who has been in this situation. Students at private colleges only get to apply for £6000 student loan instead of the £9000 but can get a maintenance loan. If successful with dada we would still have a considerable top up and no maintenance . One way we end up with all the debt ,the other ds and us get some. We are also wondering with the possible change of government whether the £6000 loan would be lowered if the £9000 fees are reduced to £6000. But nobody can answer that one though.

Re: Dada or student loan ?

Posted: Mon Mar 09, 2015 5:02 pm
by Katymac
Umm, complicated

DS's loan might prevent or delay him buying a house

What would the interest rates be comparably? How long or short would your loan be?

If you don't get a full DaDA how much maintanence loan would DS be able to have?

I think you need a spreadsheet :shock:

Re: Dada or student loan ?

Posted: Mon Mar 09, 2015 6:44 pm
by fartoomuchtodo
I know it doesn't really answer your question but Money Saving Expert Martin Lewis has a very interesting article about student loans and repaying them here: http://www.moneysavingexpert.com/studen ... es-changes I found it very interesting.

Re: Dada or student loan ?

Posted: Mon Mar 09, 2015 9:40 pm
by oscar
Thank you for that link , that was really interesting .

Re: Dada or student loan ?

Posted: Mon Mar 09, 2015 10:28 pm
by 2dancersmum
Ultimately I think the answer for this will be different for each family. You need to consider the course and which suits your DC best in terms of content/location/where it gets them etc versus family financial circumstances and what will work or can work for the family and individual. I have one doing a degree (not performing arts) and so with a student loan - he will end up in masses of debt and we have to top his loan each year to help with accommodation and living costs and he is not in London but he should get a decent wage and consistent steady earnings when he gets a job after graduation. Other child is on a DADA - a big struggle for accommodation costs for us but at least she will have no debt at graduation. Pros and cons for both options.

You mention if the £6000 loan would be reduced if overall fees were reduced with a new government. I would suspect that it would as the whole issue of fees and loans and amounts is to do with how the actual institution is funded ie private or one that receives funds from the government and I imagine they will still keep a distinction between the two - though I would love to be wrong

Re: Dada or student loan ?

Posted: Mon Mar 09, 2015 10:43 pm
by oscar
Yes the loan would decrease and the fees would stay the same. Big problem