Interest and maintenance loan
Two things;
Is the loan interest free?
I've just applied for student finance, I've got the maintenance loan and grant plus tuition fee.
Basically my dad said I don't need the maintenance loan because he'll pay for some.
So should I cancel the loan? Can I? Plus does it mean I can keep my grant?
Or should I keep the maintenance loan, and pay it back early? Unless there's interest on the loan, wouldn't it better if I didn't accept it at all?
Is the loan interest free?
I've just applied for student finance, I've got the maintenance loan and grant plus tuition fee.
Basically my dad said I don't need the maintenance loan because he'll pay for some.
So should I cancel the loan? Can I? Plus does it mean I can keep my grant?
Or should I keep the maintenance loan, and pay it back early? Unless there's interest on the loan, wouldn't it better if I didn't accept it at all?
Whilst studying you will ay RPI plus 3% interest, around 6% currently in total.
Original post by OU Student
You can receive the grant without the loan.
This explains how much interest and how much you'll pay back based on your earnings.
This explains how much interest and how much you'll pay back based on your earnings.
Original post by balotelli12
Whilst studying you will ay RPI plus 3% interest, around 6% currently in total.
Ok thanks, so since there is an interest fee, would it be best if I just cancelled my maintenance loan?
Original post by eggfriedrice
Ok thanks, so since there is an interest fee, would it be best if I just cancelled my maintenance loan?
Up to you. Some take it and have it there for emergencies.
Original post by OU Student
Up to you. Some take it and have it there for emergencies.
Well that's my plan, but if the interest leads me to owing extra, I don't see the point in having to spend more money than I have to.
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