Yes, the saving (if you can call it that!) is that the loan repayments are made from £21k taxed + £12k tax-free as opposed to a salary of £33k taxed.
I'm insured against loss of life and medical but if I was unable to complete the course, OAT would pay back (I'd have to look up the specifics) monies paid for training not completed. I'd of course still be liable for the loan balance after that had happened - normally 6 months of grace is given after graduation before repayments are due but this may not apply in this case - negotiation would no doubt be possible. A parental guarantee is also in place as a final safety net but this was a requirement of the loan and I'd rob an old lady (well, several!) before this was called in.
If I failed a section and significantly delayed the completion of the course (i.e. my progress was unsatisfactory), I'd imagine this would no doubt jeopordise my chances with TCX. In which case (assuming completion) I'd graduate as per everybody else but in a potentially worse situation financially as I'd have a higher loan amount to pay back.
Daunting stuff but a means to an end. There's of course a risk but it's manageable!
Regards,
V1R
