Do I really need the maintenance Loan??

I've applied for both the maintenance grant + loan for student finance
but I'm living at home while studying as my uni is local...

Do it really worth me needing the maintenance loan? as I will have to pay it back later in my life with interest and taking into account I'll be living with my parents, should I call up student finance to tell them that I've changed my mind about the maintenance loan? would I still get to keep the maintenance grant?

what are your thoughts guys?

(edited 11 years ago)

Reply 1

Tiger Rag

You may never know if you need it. Also, is the grant enough to cover you over the summer?

Reply 2

Podcaster

It's the best loan you will ever get in your life. Make the most of it.

Reply 3

SwanseaStudent

I'm in the same situation as you, living at home with my parents whilst studying at a local uni. I also have a part time job which helps a lot do you have a job? I've completed my first year and I took out the maintenance loan incase i needed it but what I ended up doing was not spending any of the actual loan as I didn't need to and only spending the grant. It turned out towards the end of first year my car broke out so I needed to buy a new car to commute and so the loan then came in handy. I've decided to do this each year so that when I finish uni incase I need it and if not I will have some money behind me for a deposit of a house etc as student loans aren't proper loans in the respect of black marks etc so my advise would be to take out the loan whether you need it or not x

bump

Take the loan. If you dont need it you won't spend it and you can pay it back when you graduate. Sorted.

This was posted from The Student Room's Android App on my GT-I9300

Reply 6

Liam_W_

Definitely take the loan. If you think about it, you're going to be in 27k debt anyway, taking this few grand over the 3 years won't really change how much you pay them back out of your income when you get a job.

Take the loan, and make the most of this unique experience.

Reply 7

Flibble22

Oh for gods sake, please do your research in to this.

If you did, you'd know you don't have to pay any of it back until you're in a reasonably well paying job, and the repayments are so small that you'd barely even notice them. You have nothing to lose and everything to gain.

Reply 8

Hoges123

This, of course, has now dramatically changed since the current government have moved the goal posts (under the newly-introduced Repayment plan 5) - making it far more likely that more students will be paying back much more (with an estimated 52% paying back all of it). As MSE (aka Martin Lewis) says: " Most new English starters [from September 2023] will pay far more for their degrees over their lifetime than their predecessors. The decision to extend repayments to 40 years, combined with the other measures, will leave many who start university straight after school still repaying it into their 60s". In addition, the payback threshold has dropped to £25,000 - still at the 9% rate - and will not be increasing until at least 2027.

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