taking student loans whilst in an IVA.

[on-the-up]

Hi,

I was just wondering if anyone knew if it were possible to take out student loans whilst in an IVA. I have checked with the finance company and they do not credit assess applications and confirmed my IVA would not be a problem. I am 2 years into an IVA and the course I am Interested in is a 3 year course so repayments would not start whilst the IVA is in place.

The level of loan would substitue my employment income £ for £ so I could keep up the repayments on the IVA. Upon graduation I would see an annual increase in earnings of £20000+ so will be worth it long term - dont want to sound like I am happy just to take on more debt, I have learned my lesson from the situation I am in at present but am trying to plan for a more financially stable future!

Any advice would be great

[MelanieGiles]

Hi on-the-up

Do you mean a loan from the Student Loans Company or a student loan from one of the banks?

If the former, there is no real problem in taking the loan, so long as you get your supervisor's express permission and on the understanding that no repayments will be made whilst the IVA is running.

But is is realistic to say that the loan monies will replace your income? They are supposed to cover the additional cost of tuition and study materials, as well as your ongoing libing expenses.

[on-the-up]

Hi Melanie,

Thanks for the quick reply. It would be from the student loans company. Sorry I dont think I explained myself too well! I work full time at present and would go part time, the student loans would form the difference in the full time wage I am on now and the part time wage I would be on then. I would drop approx £500 per month, wages, loans, bursaries and scholarships come out at approx £520 per month so I could keep up with the repayments within my joint IVA. I could guarantee repayments would not be necessary within the lifetime of my IVA.

Can I just say I find this forum inspiartional, I have previously been a silent member and find the support offered fantastic. I feel so many people will benefit from this forum and I am sure it keeps so many going through such difficult times.

[MelanieGiles]

You are definately correct about the worth of this forum. It is helpful to so many people - myself included as I continue to be inspired by the strength of some of the members and the mutual support you all offer each other.

Your situation is now far clearer and I would have thought that your suggestion is a good one for your future. Bounce it off your own IP and let us know how you get on. For the record, I would fully support you if you were a client of mine!

[on-the-up]

Just read my last post again, the end of it about the forum made no sense but I am glad you got the general idea Melanie!!! I have edited it to make some sense for others wanting to read this thread!

I will give my IP a call on Monday and let you know how I get on.

Thanks again for the advice.

[MelanieGiles]

I didn't even notice that it didn't make sense!!