Students could get 0% rates on their loans

Image copyright PA Image caption All.Student.Flush .Now. was launched by Sir Micky Clydesdale All.Student.Flush.Now is a new live entertainment and marketing platform for students who have lower outgoings, including some university staff. It offers…

Students could get 0% rates on their loans

Image copyright PA Image caption All.Student.Flush .Now. was launched by Sir Micky Clydesdale

All.Student.Flush.Now is a new live entertainment and marketing platform for students who have lower outgoings, including some university staff.

It offers a competitive interest rate of 0% interest to balance their unsecured student loans for up to 20 years.

The credit card-style account was launched last month, and has already attracted 35,000 users.

The platform has enjoyed a substantial uptick since this month’s announcement of the Government’s Small Business Loans Guarantee Scheme.

Higher education institutions and staff that sign up to the partnership could potentially get funding from the government.

But, for the first three years, 0% APR for balance transfers is just a perk.

Why not switch to 0% credit cards? To find out more go to MoneySavingExpert.com or pick up a copy of our guide in Saturday’s Money News

Image copyright PA Image caption All.Student.Flush.Now was launched by entrepreneur and businesswoman Sir Micky Clydesdale

Ben McCluskey, who founded All.Student.Flush.Now, said: “Mating down your borrowing isn’t an easy task for students but our interest free balance transfer card works for people who are low on student finances but not low on bank balance.”

And if you are stuck in the worst financial situation possible, there is now a way to shift all of your unsecured student debt.

Anyone with more than £21,000 in student loan balances who don’t currently have an interest-free credit card can now apply for a zero-percent deal.

The 0% deal has been jointly designed and funded by Northern Irish entrepreneur and businesswoman Sir Micky Clydesdale.

Northern Ireland is the first UK region to benefit from the move and 0% APRs are soon to be rolled out nationally.

Image copyright PA Image caption Nationwide is also signing up to the 0% plan

Several universities and campus landlords have already signed up to the scheme. These include University College, Bristol, Brighton, Sheffield, Oxford and Hertfordshire.

Principal of Heriot-Watt University, Professor Colm Treanor, said it would “help address debt, tackle discrimination and improve the education experience for the community”.

On the Nationwide website, Nationwide Director of Retail and Student Loans, Fiona Moulton, said the move would “provide more financial security and opportunity for students who are seeking to graduate in good financial health and the future.

“Our values as a company clearly endorse this endeavour and we are particularly proud of offering this benefit to people who self-select into certain socio-economic communities, such as Northern Ireland.”

Borrowers will have to make three repayments each month, with the first being due on 30 July. All previous loans will be consolidated into the 0% APR credit card and their balances consolidated to the card with no fees.

The 0% APR period will automatically be renewed if an applicant cancels their card before the end of the period.

* This is Money’s help line for students is 08457 055 594

For more information go to the website and the campus.northernireland.ac.uk/visit/all

Northern Ireland Finance Minister, Sammy Wilson, said he supported the scheme as a means of encouraging people to save and also as a way of raising the profile of Northern Ireland as a place for careers in finance.

Sir Micky Clydesdale thanked all the institutions and universities which signed up.

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