Taking out max maintenance loan if I don't need it?

Hey, I've just finished my second year uni

I've saved up 25k from various grants and having a job before uni

My student loan debt is currently at £33,000 and if I continue to take out max maintenance loan, it's on course to be £74,000 once I finish uni. (5 year course)

I get a 5k NHS learning support grant plus 3k grant from the Welsh government each year, so I can pay rent and live on the grants alone. These don't need to be paid back

Therefore, is it necessary to take out the max maintenance loan if I can survive on grants alone?

I can potentially reduce the student debt by quite a large sum and have more chance of paying it off? I would like to pay if off but I'm not sure how likely as a physiotherapist that is. Probably less likely if I go into NHS.

On the other hand, should I take the max maintenance loan anyway, despite not really needing it, and try to invest it or save it for a future mortgage? I'm aware that having 25k+ savings in the bank just sitting there is pretty counterproductive

Any advice would be greatly appreciated

Reply 1

londonmyst

Best to take the maximum loans available. :smile:

Then save as much of your student finance income as you can towards a property deposit and small rainy day fund in case of financial emergencies.
Good luck!

Reply 2

ajj2000

Are you expecting some huge income on graduation? I’d assume not if nhs related?

Reply 3

deej2

Original post by ajj2000

Are you expecting some huge income on graduation? I’d assume not if nhs related?

No, first 3 years I'll most likely work in the NHS but I want to get into sport and private on the side so that could change things further down the line. Very difficult to know my career trajectory though

Reply 4

ajj2000

Original post by deej2

It’s generally better to max out the loans you take and leave what you can in savings once your overall student debt is greater than a certain level - £20k for example - which would vary by career path.