Economic situation
Posted by Jo Swinson, MP for East Dunbartonshire, at 12:46, Tue 21 October 2008:
Hello,
Currently I'm getting lots of responses to my Cost of Living survey which is being delivered to all homes within the constituency, but I am also keen to hear people's experiences of how the wider financial turbulence is having an impact.
Are you affected by the collapse of the Icelandic banks, or having difficulties related to your mortgage or home? What do you think of the Government's bank bailout plan?
Happy to read your views either as comments to this thread or if you prefer your comments to be private, then feel free to email me at swinsonj@parliament.uk
Best wishes Jo
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Posted by William Reid, 13:11, Wed 22 October 2008: (Is this post abusive?) #
Dear Jo and other Constituents,
I feel that I have been affected by the financial crisis at the moment, but I still do not exactly understand how it works out, as I feel that in my situation the opposite should occur.
In September I applied and was accepted for a Masters degree, however due to the decision being at short notice it left little time to organise how to fund the degree. No grants, funds or scholarships were available for a person of my age, ethnicity (white male), work status (i.e. not taking the course part-time) or residence.
So I applied for a Career Development Loan which defers the payments of the loan for the duration of the course and the Government pays the interest in between then. However my application was rejected.
I had not accumlated any debt during my undergraduate degree and also work 25 hours a week part-time, therefore seen no reason why a bank would not qualify myself as a person suitable for a loan.
I think the fact I was suitable for a loan (i.e. I would have paid the loan back in the proper fashion) was why I was rejected. The bank would possibly only take on a loan where they can see an opportunity to put the person in debt.
I am just disapointed as I have known students last year who applied for the exact same loan, being awarded the money even though their financial position was of a similar standing or even slightly worse.
So now I am left having to pay my course fees just now off my own back with no support (I have applied for a Maintenance Grant off the SAAS over 6 weeks ago and have still not been informed as to whether any contribution will be made), and I am unsure of how I will be able to pay the full amount of these course fees without spending every penny of wages on paying my fees.
Sorry for the long winded post
Regards
William, 23 year old Student, Bishopbriggs