Finance help for grads applying to 5 yr programs

[Blue_GS87]

Hey guys, i have looked through most of the threads here, but it seems that a majority of the information on finances here seems to be pointed towards GEP programs and the 5 year programs are overlooked.

I am a grad student who applied to a 5 yr program and got in. The hard part is over... or so i thought!! The problem now seems to be money, like everything else in the world!! I have applied for student loans and am waiting for my maintenance loan but that wouldn't be enough to cover my tuition fees and accommodation together. I gathered that i should probably look at Professional Trainee Loans from Natwest. That's where my problem started...

The brochure on PTL states that it is only available from my 2nd year of study onwards. I was wondering what everyone else who were in my position did? Any advice would be greatly appreciated.

[dances_with_lamposts]

speak to someone else at natwest, you can get the professional study loan from the first year. im sure there have been some posts about it, ill have a look for you when ive got some time.

for 5 year courses, you are only entitled to a maintenance loan for the first 4 years. i think the maximum is £4950 for this year. you may be entitled to a bursary from your university aswell.

from the 5th year, the nhs will pay your fees and give you a bursary. you will also be entitled to a reduced maintenance loan.

and congratulations on getting into med school!

[Blue_GS87]

Hey thanks DWL. The problem with speaking to someone else in Natwest is that the main person who handles PTL is still ''away'' holiday. She's on annual leave until the 31st of August. Not sure how that works but I have tried ringing her all summer, but still only get her answer phone. It's pretty frustrating seeing how uni is starting soon!! I might go into my local branch and demand to speak to someone else different if things don't change soon.

Congrats on your place as well!!

[Bambi]

When I got my loan Natwest would not budge on the 2nd year rule. I got mine from HSBC, I wrote loads about it on here at the time. I heard that some of the banks have stopped doing the loans, not sure if HSBC is one of them. LTSB did them from 1st year, but the max was only 10k so it depends how much you need.

[dances_with_lamposts]

hey blue, thank you.

here is a link i found with a list of all the banks offering professional loans (im not sure if its useful, it looks good though): Compare Graduate Package Loans | Moneyfacts

also, here is a link to a thread titled 'any advice on professional studies bank loans', its from april this year so i reckon its the most up to date thing here: Any advice on Professional Studies Bank Loans?

and here is the link from natwest's website for the psl: Professional Trainee Loan Scheme - NatWest
(i couldnt see anywhere saying you had to be in the 2nd year. infact it says you can apply even if you're still waiting to hear if you have a place).

i feel so lucky that i dont have to take out one of these things, they seem so complicated! good luck.

[Blue_GS87]

Hey DWL, thanks for the links. I have checked out the 1st link before but it seems that most of the banks of based in Ireland? Not too sure if they had a branch here or not?? Thanks for all the links. I really appreciated it

And Bambi, HSBC is the only high street bank that provides PTL. I have spoken to all of them and they all pointed me towards Natwest.

[Bambi]

Hey DWL, thanks for the links. I have checked out the 1st link before but it seems that most of the banks of based in Ireland? Not too sure if they had a branch here or not?? Thanks for all the links. I really appreciated it

And Bambi, HSBC is the only high street bank that provides PTL. I have spoken to all of them and they all pointed me towards Natwest.

Huh? HSBC told you to go to Natwest?

An PSL is actually very easy to get as long as you go in totally prepared. I made a list on here at the time about what I took, not sure if I remember it all but here goes-
Breakdown of all money from other sources
Breakdown of all costs for the 5 years
Amount of loan needed broken down into yearly payments
Copies of 3 months of bank statements
Proof of address
Info on doctors salaries
Copy of UCAS offer
CV
Something on career goals

Not sure what else, anyway I was pretty much told on the spot it would be fine and it was confirmed and papers signed about 10 days later. I didn't bank with them when I approached them but obviously had to open a student account with them. It really wasn't hard. If you go in with no clue and just mumble that you want some money they might turn you away, if you go in and act professional and know what you are talking about you wont have a problem.

[Blue_GS87]

Hey Bambi, thanks for all that. I am idiot when i typed that. I meant to say HSBC told me to go to Natwest as you have rightly worked out. Do i really need all those things? I was going to bring a proof of address, proof of my place and proof of identity. I was also preparing a bunch of questions i was going to ask them. Btw, how long does it take for the money to come through? It's just that uni starts soon, so i am pretty worried about my lack of progress on the monetary side of things.

[iheartmedicine]

I just got my Professional Studies Loan from Natwest. I thought it was a bit of a pain, but managed it in the end. Call the graduate banking team on 08453050400 and see if someone can help you. I am a graduate on a first year medicine course and I have already received my first installment of money (what I had requested).

[Blue_GS87]

Thanks for the number iheart. Truly appreciated it. Did you manage to do it over the phone or did you go to the branch? I would feel much more comfortable speaking to someone face to face if possible