I am very nearly finished with my IVA, everything has been done properly and I see no reason why I wont complete in four months. I have the opportunity to return to University and finish what i started many years ago. This is very important to me as it will secure my future and my childrens future and if the IVA has taught me anything it is that I want financial stability for my children. I will need to use student loans though and I am awaiting an email from my IP to say whether or not I can do it. Im terrified of his response. At the end of the day it is credit so I feel he will just say no. The difference is they are not bank loans, they are interest free and you do not pay them back until you are earning over a certain amount. The course is four years long so will have absolutely no affect on the IVA. I also plan to continue my job up until the conclusion of the IVA so that I can keep everything the same. Just wondered what people think whilst I wait anxiously for a response?
Well my IP said yes and i have just been accepted onto my degree course. Four payments left! I feel like a completely different person to the one that applied for the IVA five years ago!!!
Congrats on the rest of your life but are you sure the student loan is interest free. The student loan my son took our is low interest but the interest is still there and as they are no longer given by the government the interest rate can rise.
Sorry yes you are right about the interest, I meant whilst I am on the course and whilst I am still in the IVA. I am not worried about student loan debt after the debt I have dealt with. It doesn't seem the same some how and I will have a new career which will earn me more than I could ever have earned before. I dropped out of uni when I was 18 so I feel like I am getting a fresh start, like I have been transported back in time to before the debt began. Only difference is I now have a husband and two children and my head screwed on!!
The student loan rules have also changed and the current interest rate is around 6.6%, they're not as cheap as they used to be, howeever you don't need to repay until you're earning circa £21k as I understand it.
