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question about student loan repayment

evening all,

my question to you all is related to my student loan...

essentially, what happens to the money I am lent by SFE if I do not end up spending it all? Does it remain in my bank account or is it given back to them and my debt reduced?

Would I be able to save it and use the money later on in the year, possibly for my summer excursions outside of uni? Or would that be impossible?

I'm trying to raise money to visit the Middle East in the summer, is all. The chance to use my loan (and live in slight poverty as a result) is something I'd be willing to do!
Reply 1
Avatar for MoonGazer
MoonGazer
9
You get to keep the money you don't spend of the loan and it stays in your account - they don't try and ask for it back or take it off you - you'll just repay it back with the rest of your loan when you're earning of the threshold. So yes, you can use it to save it for later in the year etc.
Reply 2
Avatar for drfaustus
drfaustus
OP
nice one - thank you! :smile:
Original post by drfaustus
evening all,

my question to you all is related to my student loan...

essentially, what happens to the money I am lent by SFE if I do not end up spending it all? Does it remain in my bank account or is it given back to them and my debt reduced?

Would I be able to save it and use the money later on in the year, possibly for my summer excursions outside of uni? Or would that be impossible?

I'm trying to raise money to visit the Middle East in the summer, is all. The chance to use my loan (and live in slight poverty as a result) is something I'd be willing to do!


You can do what you like with your student loan; a lot of people invest it and make money from the interest. It's your money, as long as you repay it.
Reply 4
Avatar for neurodude
neurodude
1
The money is yours. The most notably twatty thing to do as a result is invest it if you don't need the money and profit off the interest.
Reply 5
Avatar for Quady
Quady
20
Original post by neurodude
The money is yours. The most notably twatty thing to do as a result is invest it if you don't need the money and profit off the interest.


Its twatty of them to charge fees to help them increase their income tax and national insurance takes.

Why shouldn't people be twatty back?
Reply 6
Avatar for neurodude
neurodude
1
Original post by Quady
Its twatty of them to charge fees to help them increase their income tax and national insurance takes.

Why shouldn't people be twatty back?


I dunno mate, entirely abstract concepts such as 'not using a loan intended to help the financially insecure for personal profit' or 'having basic moral standards'.
Original post by neurodude
'having basic moral standards'.


Wow taking money your entitled to and repaying it once you graduate? really?

Need a hand off your high horse?
Reply 8
Avatar for Quady
Quady
20
Original post by neurodude
I dunno mate, entirely abstract concepts such as 'not using a loan intended to help the financially insecure for personal profit' or 'having basic moral standards'.


Mate, its a loan for students to cover living costs, its not just for the financially insecure.

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