Student loan repayment ?
Hi guys, I’m trying to figure out whetehr to take maintenance loan this year as I’m worried about repayment in the future.
I’ve searched up a few loan repayment calculators which has made my desicion harder as I don’t understand the interest rates?
If I’d not take maintenance loan for my final year I will have borrowed a total of £43000 . It says that with repayments I would payback a total of 29000 in my life. But when I add on an extra £8000 ( maintenance loan) to make the total borrowed £51000 it says that I will still repay the same amount back - £29000 ? So does this mean that it would make no difference to me if I was to take the maintenance loan for this year ?
I was under the impression that if I borrowed more I would have to repay more each year. I know that repayment is dependent on your salary but I always thought that the amount you borrow plays a factor in the amount you pay back ?
Can someone tell me whether the loan calculators are accurate and that I won’t end up paying even more back if I take maintenance loan.
I’ve searched up a few loan repayment calculators which has made my desicion harder as I don’t understand the interest rates?
If I’d not take maintenance loan for my final year I will have borrowed a total of £43000 . It says that with repayments I would payback a total of 29000 in my life. But when I add on an extra £8000 ( maintenance loan) to make the total borrowed £51000 it says that I will still repay the same amount back - £29000 ? So does this mean that it would make no difference to me if I was to take the maintenance loan for this year ?
I was under the impression that if I borrowed more I would have to repay more each year. I know that repayment is dependent on your salary but I always thought that the amount you borrow plays a factor in the amount you pay back ?
Can someone tell me whether the loan calculators are accurate and that I won’t end up paying even more back if I take maintenance loan.
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