Loan = Access Denied?


Hey guys,

Was just wondering how the Navy view loans. I already have a student loan which stands at about £16,500. I am now thinking about taking out a graduate loan of around £15,000 to fund certain things. When I went for my Sift interview and told my ACLO what my student loan stood at, he told me that was a lot of money to be in debt (I personally find this a small amount compared to other students - I started Uni in 2005 just before they introduced the top-up fees). Now I remember reading somewhere that the Armed Forces won't accept you with a certain amount of debt to your name. Could anyone tell me the rules about the Navy's debt policy and how much you are allowed to have?



War Hero
If you have to take a loan out for it, then you can't afford it (unless of course it is a house mortgage) :p
My ACLO told me they couldn't refuse candidates on the grounds of student debt or they would obviously have few candidates.

However, the extra £15,000 loan would probably be considered excessive?
As a person who currently works for the government with regards to student finance and student loans I can say that a student loan is mostly not regarded as "real debt". Of course, it is money that you have to pay back one day and thus is a debt, however it is basically the only type of loan where you pay back an amount each month that is RELATIVE to what you earn each month. It comes out a bit like tax and NI. It is no where near like having a mortgage or you normal high street bank loan.

The interest on it is based on inflation, nothing else, and the more you earn, the more you pay back. At the moment you pay back 9% of the income you earn over £15000. For a simple example, if your salary is £16000, you currently pay back £90 a year. Of course you can make bigger one off payments if you wish to pay it off quicker, but a lot of people tend to stick with the normal payments.

Student loans really aren't a thing to get het up about. Honestly.

If you had loan sharks and the bank banging on your door wondering where the next payment is coming from, then I would start sh!tting it. But you're not going to get the Student Loans Company banging on your door if you lose your job or whatever.


Yeah I was never really too worried about my student loan as so little comes out of your salary to begin with. Well I have a job at the moment and by the time I start the Navy (it's looking like April 10 now) I would have quite a bit paid off. I'll see if Ninja or SM reply and if not i'll give my AFCO a ring before I commit to any loan.


War Hero
Well, if you're joining up with £31,500 of debt round your neck you must be expecting a fast track to Captain or a life of poverty.