Getting a loan, explaination/help?

I got accepted to my college of choice, for a course. Was very excited about that. Now the fun part, loan time. I was going to ask my mother, who has used loans for school, to help but she can't seem to be bothered. SO, I'd like some info on personal loans. I know they are bad for education. I don't need anyone's opinion on how bad it is and how it'll effect me. I'm already well aware they are not the greatest choice, but it's my only option so it seems. I do have a few people that can help me financially.

I would just like facts on how to get one exactly and what is a better deal vs whatever other loan deal (like interest rate wise? I guess). I just.. have no idea and no one I know has any idea either/no desire to help me. So, last option, the internets! I have come this far on my own and I really am not going to have my mind changed by someone on these forums or anywhere for that matter.

I just want to get some straight forward answers, please and thank you.

Ok truthfully, you probably won't get approved for one. You are 19? Do you have an established credit history? Probably not. I'm 21 and I've had a credit card for three years now that I have never missed a payment on and I have had student loans out for which I'm paying interest. My credit score still is average thus I don't get approved for much other than low limit credit cards. I imagine you need like a $20,000 loan so you need very good credit history for that. Have you got someone that is willing to cosign with you? They need to have a good credit history. It's tough times to get a loan. Sorry for the bad news.

The way you'd get one is through banks. So you have to do your research to see the interest rates. However, the lower the interest rate, the harder it is to qualify.

This is all based on my experience by the way. Hopefully someone with better news will post soon.

Ok truthfully, you probably won't get approved for one. You are 19? Do you have an established credit history? Probably not. I'm 21 and I've had a credit card for three years now that I have never missed a payment on and I have had student loans out for which I'm paying interest. My credit score still is average thus I don't get approved for much other than low limit credit cards. I imagine you need like a $20,000 loan so you need very good credit history for that. Have you got someone that is willing to cosign with you? They need to have a good credit history. It's tough times to get a loan. Sorry for the bad news.

The way you'd get one is through banks. So you have to do your research to see the interest rates. However, the lower the interest rate, the harder it is to qualify.

This is all based on my experience by the way. Hopefully someone with better news will post soon.

Same, my boy was 23 with a decent credit history - refused. Reapplied with his mother as co-signer, she owned a house and made a very good salary - refused.
Reapplied again with his father as co-signer, Approved! And this was all pre-credit crunch. Originally he was with http://www.teri.org/ which during the credit crunch suspended all loans (this was in his second year - PANIC!) and then made up the remaining years with Sallie Mae. I'm sure if we tried to do it again from scratch it probably wouldn't be possible but there's no harm in trying. Is your course a proper official one? If so you can apply for loans once you get your CAS form. There's lots of threads on that if you want to do a search.

All in all the boy has around $120,000 of university debt from his 3 year BSc and 1 year MSc. I find the idea of it really overwhelming, but we did what we had to do to be together

Oh yeah if your college processes stafford loans those will be much easier to get. In fact I don't know of anyone that wasn't approved. But they're very small amounts. I'm a third year next year and I only qualify for $12,500 and I'm classed as an independent student. If you're dependent you will qualify for significantly less (I think you have to be either married, 24 years old, etc... to qualify for independent status). Your parents can apply for loans for you in the stafford realm. I'm not well versed since I didn't go that way but you might want to look into that.

Cheesebiscuit, we're the same. I got tons of loan out for the first year. Suffered for three semesters after not qualifying for any loan then finally qualified for a loan this year. I'll owe the same amount as your boy once I'm done. It's been worth it though .

She's not going to a Uni, she is doing something like a foundation degree and they aren't eligible for a gov't loan.

She's not going to a Uni, she is doing something like a foundation degree and they aren't eligible for a gov't loan.

I forgot. Should've read the previous posts again.

I don't think she is doing a foundation degree however because those are eligible for government loans. I checked as I was going to do one but decided against it anyways.

I forgot. Should've read the previous posts again.

I don't think she is doing a foundation degree however because those are eligible for government loans. I checked as I was going to do one but decided against it anyways.

It was definitely worth it in the end! Although if I'd known how well things were going to work out....but then we'd be different people now, although starting married life with that much debt is scary, we'll find a way! 

The boy had the maximum in stafford which was around the $12,500 figure as he was classed as an independent student and then private loans to make up the shortfall for some living but mainly tuition. They sure add up quickly, especially when you're paying tuition in £s. The Stafford is easy enough, it's the private loans which make up the difference which is problematic.

For his masters he managed to get enough in Grad Plus loans (private loans via the government) to cover all the tuition and living, but we're much more established now then we were four years ago, he has a PT job (he's on the old skool tier 4) and my career has taken off so we're doing really well. That second year was tough and scary though and I had a FT job, can't imagine him having to make it without my financial support, it would have been impossible

Are you sure foundation years count? My boy was refused funding for a foundation year as he was told they're not eligible for Stafford loans.

Are you sure foundation years count? My boy was refused funding for a foundation year as he was told they're not eligible for Stafford loans.

Yep, I wasn't confident enough to plunge into first year (mistake) so went through with foundation year instead. I was given stafford funding (but only as a dependent student at the time). Biggest waste of my money!

Yep, I wasn't confident enough to plunge into first year (mistake) so went through with foundation year instead. I was given stafford funding (but only as a dependent student at the time). Biggest waste of my money!

Yeah he was actually really pleased when he was refused as he ended up getting a first year place somewhere else and it still ended up being a little slow, a foundation year would have been really dull for him.

Ah well, all's well that ends well Are you graduating this year gibby?

Yeah he was actually really pleased when he was refused as he ended up getting a first year place somewhere else and it still ended up being a little slow, a foundation year would have been really dull for him.

Ah well, all's well that ends well Are you graduating this year gibby?

Oh yes it was very slow, felt like part time and I ended up paying £8,000 tuition to do it! I'm not graduating this year. Next year because I ended up doing a fourth year due to good ol' foundation year ruining my life lol. Very dramatic of me! But I'm still angry about paying so much money for it.

I just want to get some straight forward answers, please and thank you.

I'm going to preface this by saying that I'm sorry if I sound harsh, as that is certainly not my intention, I just want to point out some realistic thoughts.

If you want straightforward answers, and are going to make such a massive decision, you're going to have to do some of the research yourself, and not depend solely on others to tell you everything you need to know.  A quick google search led me to www.lendingtree.com, which compares up to 5 online offers for personal loans.  So I would suggest you look around that website, because it seems to have a bit of information on loans/interest rates/advantages/disadvantages, etc.

I know you're set on moving to England, and you've requested that we not share our opinions--but I agree with GibbyGab's first post on here--Will you even qualify for a personal loan? Banks don't just give money to anybody asking for it anymore. You must have someone cosign the loan/have some form of credit history. Even that's not always enough, as CheeseBiscuit has witnessed.

But, if you are approved, you need to consider: What will the interest rates be, When do you have to start paying them back? How long will it take to pay back the amount that you owe, and how much will you end up paying in the end after accruing years of interest when all is said in done? If you are fine with all of this, you should consider whether or not, after finishing your course, if you will be able to secure a job that pays well enough for you to pay these loans off (as well as support yourself/eat/pay rent/etc).  If i'm correct, a college degree in the UK is about the equivalent of a US high school diploma.

In one of your previous threads, you said that you weren't so great at math, so I recommend you have someone work through the answers to these legitimate questions with you to ensure you know what you're getting into.  Then ask yourself if it's still worth it. 

I believe part of the reason you're coming is for a boy (Can't fault you there, I've done the same ) But if he's the right person, he should be willing to wait/do long distance for a bit while you save up some money in order to afford the course. (My DB and I lived together for our first 6 months, then were apart for 3 years, before moving in together. I'm sure people have done the same thing over even longer periods of time.)

Also, last question, which I'm sure you've thought of already, but I'm asking out of curiosity-- does a Tier 4 visa still allow students to study on a course below degree level? Or are you planning to come on something else?

The other problem, if it isn't a student loan don't you need to start paying on it straight away?

But, if you are approved, you need to consider: What will the interest rates be, When do you have to start paying them back? How long will it take to pay back the amount that you owe, and how much will you end up paying in the end after accruing years of interest when all is said in done? If you are fine with all of this, you should consider whether or not, after finishing your course, if you will be able to secure a job that pays well enough for you to pay these loans off (as well as support yourself/eat/pay rent/etc).  If i'm correct, a college degree in the UK is about the equivalent of a US high school diploma.

This. I know government subsidized loans have payment plans that don't kick in until after graduation, and have income-level forebearance/deferment/etc. I have no idea how private loans work, though, and judging from the advice upthread, I wouldn't count too much on government loans these days, at least not for the bulk of your expenses.

I'd also be curious to know about T4 restrictions on course type - the government has really been cracking down on immigration lately, and want to focus entirely on what they feel will be highly productive/valuable immigrants (and I'm guessing someone coming in for college wouldn't count, unfortunately).

I'd also be curious to know about T4 restrictions on course type - the government has really been cracking down on immigration lately, and want to focus entirely on what they feel will be highly productive/valuable immigrants (and I'm guessing someone coming in for college wouldn't count, unfortunately).

It depends on whether the course is at least equivalent to A-levels.  If it is lower than that, it won't qualify under the new rules. 

To the OP: Would you mind sharing some details about which college and course this is?  A link? 

This is all scaring me just a bit. My situation is, of course, rather different than the OP's.  I am heading to Scotland (pending loans) for a one year Masters degree.  I am independent and 24 years old.  I have pretty much refused to think of this as something that WILL happen and have been thinking of it as more of a 50/50 because I had no idea if I could get the loans I needed.  I have hated not knowing where I am going to be come September.

I then spoke with a good friend who is currently studying in Glasgow and she told me that getting the loans would not be a problem at all with a Stafford for about half and the GradPLUS for the rest, and I should have no trouble at all getting them.

What are the chances of NOT getting the GradPLUS loan for an independent student?  For what it's worth, I have good credit scores, but I don't know if that makes a difference.  Would I need a cosigner?  Eeesh, life is complicated...