Is this type of loan possible?

I'm an international student looking to study in the UK. Based on my stats, I have a good shot at both UCL and LSE (these are both targets, right?). All combined, I think it's about 110,000 pounds to go to either of these schools. My parents can contribute about 60,000 and 75,000 pounds.

Is it possible/reasonable to take out 35 to 45 thousand pounds in loans? There's two things to look at here.

  1. Does this move make sense? It's obviously a risk, but I think it's a calculated one. If I hit the ground running from 1 of those schools, I'm confident of my chances of getting into IB. At the same time, it's a big amount of money and any number of things could happen which would result in me either having a very difficult time paying back the loans or never being able to pay them back (not getting into IB, something going wrong with immigration/visas).

  2. Is this even feasible? Unlike in the US, UK education is much cheaper for those in the UK and still cheap for those from the EU. So is it even possible to get this sort of loan? Do they exist? If they do, can anyone provide insight on what kind of interest rates do they generally have?

Thanks in advance to anyone who can help out!

Comments (11)

Oct 8, 2020 - 3:00pm

It is possible, but the conditions are very bad... I really want to buy a new sport car, but I'm afraid of this sum. I hope that I'll find a better job and I will not feel even the sum of money that I'll be paying monthly. I've taken recently a credit because I needed money for some medical procedures and I was surprised that gave me doorstep loan in such short period of time and with very good conditions. Of course, the fee will be a little bit bigger but I had no choice. I think that with the help of my parent I'll return the car loan very fast and I won't have any problems with the credit company.

Jan 12, 2022 - 4:55pm

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