Maintenance Loan - can I ask for a smaller loan than is calculated?

Hi,
If based on my parents income, my maintenance loan is looking like it will be approx 8k, is there an option when you apply to just ask for say 5k?
My parents are willing to help with my living costs so I may not need the full amount calculated and therefore don't want to borrow more than I am being offered.
Thank you

I believe so yes, although there is effectively no good reason to do so. Bear in mind that the government expects parental contribution to a point anyway, and in fact expect them to provide the difference between the maximum maintenance loan and your entitlement.

Also, student finance debt is not like other debt and so there's really not much reason to minimise your loan at the outset. You should read this information provided by the government on it: https://www.gov.uk/government/news/8-things-you-should-know-about-your-student-loan--2

It's effectively impossible to default on, and gets written off 40 years after you take it out. You also only ever make repaymenst when earning over the threshold and these are proportional to your income, so you will never be repaying more than you can afford. If you're a PAYE worker it also just goes out of your paycheque automatically with your NI contributions and income tax.

Bear in mind that about 10 years ago there was a rash of new headlines about extremely wealthy families whose children didn't need the loans who would still take them out to just invest them, because the low interest rate relative to the investment meant they'd still make money. If the rich people are still taking the full loan out, I think it signals it's worth anyone taking out the maximum they are entitled to...

Unless you're unable to take out student loans at all for religious reasons I wouldn't recommend taking less than the maximum. Worst case scenario you can use that money as a buffer for if you have unexpected costs, or as a seed for a down payment on a house or something later.

Yes, you can request a specific amount when you make your application. It doesn't need to be the maximum amount. Thanks, Jason

Thank you