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Maintenance loan

Is anyone just getting a maintenance loan just for going out, booze and clothes? Because I've got everything else sorted.

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Original post by Joshua105
Is anyone just getting a maintenance loan just for going out, booze and clothes? Because I've got everything else sorted.


No I got it to pay rent combined with my scholarship as it alone was not enough, so now I just need food to pay for
Original post by Joshua105
Is anyone just getting a maintenance loan just for going out, booze and clothes? Because I've got everything else sorted.


You do realise that is tax payer's money, right?
Reply 3
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Joshua105
OP
4
Original post by Cubone-r
You do realise that is tax payer's money, right?

Yes. The maintenance is for living expenses and that's what I'm using it for. I might of exaggerated a little.
If you genuinely don't need the maintenance loan, or atleast not all of it, then you would be better off not taking it all as you will have to eventually pay it back with interest.
Agree with VMD100, unless you invest it and that might make more than you have to pay back!
Reply 6
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IWMTom
20
Original post by VMD100
If you genuinely don't need the maintenance loan, or atleast not all of it, then you would be better off not taking it all as you will have to eventually pay it back with interest.


A graduate has to get a damn well paying job in order to pay their total loan off before it's written off. It's the lowest interest loan any student will get for a long long time, if at all.
Reply 7
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IWMTom
20
Original post by carrotstar
Agree with VMD100, unless you invest it and that might make more than you have to pay back!


Unlikely; no one offers interest rates so high on savings, so unless you get lucky playing stocks, there's no chance.
I have no idea why they give you so much, I have about 5k spare each year. I initially thought it was for people in london but apparently they get even more!

Probably going to use it as a deposit for a house.
Original post by lordofbutthurt
I have no idea why they give you so much, I have about 5k spare each year. I initially thought it was for people in london but apparently they get even more!

Probably going to use it as a deposit for a house.


Count your self lucky, I didn't get anywhere near enough.
Original post by John10101
Count your self lucky, I didn't get anywhere near enough.


I'd take rich family over maintenance loan tbh.
Original post by Joshua105
Is anyone just getting a maintenance loan just for going out, booze and clothes? Because I've got everything else sorted.

I'm gonna be going into second year and will be getting the max loan again but I honestly don't need he money cause I have thousands in the bank and also a part time job at uni so I'm never short of cash and so yeh if I'm honest my loan money is mostly used to have fun and buy things that I want as opposed to paying for stuff like rent.
Original post by IWMTom
Unlikely; no one offers interest rates so high on savings, so unless you get lucky playing stocks, there's no chance.


Stocks really aren't too hard! You just have to keep up with who is doing well and invest accordingly.
Reply 13
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IWMTom
20
Original post by carrotstar
Stocks really aren't too hard! You just have to keep up with who is doing well and invest accordingly.


And risk losing thousands, sure.
Original post by IWMTom
And risk losing thousands, sure.


So you spread it across lots of companies because it's a very small likelihood that they will all go downhill at once. I completely agree that you have to be prepared for it to go down, but if you are careful you can make things work in your favour. Start small until you get the hang of it, even pay an advisor to do the work for you and they will guarantee a certain gain which is worth the fee.
Reply 15
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IWMTom
20
Original post by carrotstar
So you spread it across lots of companies because it's a very small likelihood that they will all go downhill at once. I completely agree that you have to be prepared for it to go down, but if you are careful you can make things work in your favour. Start small until you get the hang of it, even pay an advisor to do the work for you and they will guarantee a certain gain which is worth the fee.


A return higher than 6.1% cannot be guaranteed - it is not financially sensible to invest a god damn maintenance loan in the stock market!
Original post by IWMTom
A return higher than 6.1% cannot be guaranteed - it is not financially sensible to invest a god damn maintenance loan in the stock market!


Nothing can be guaranteed. I just suggested to OP what I would do with it if I had it spare (actually what my Dad suggested to me and he manages my shares for me).
Reply 17
Avatar for IWMTom
IWMTom
20
Original post by carrotstar
Nothing can be guaranteed. I just suggested to OP what I would do with it if I had it spare (actually what my Dad suggested to me and he manages my shares for me).


Sure hope you're getting a return above the interest you're paying!
Original post by IWMTom
Sure hope you're getting a return above the interest you're paying!


It depends how long you invest for as well; over 8 years my investments have increased by around 50%.
Reply 19
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IWMTom
20
Original post by carrotstar
It depends how long you invest for as well; over 8 years my investments have increased by around 50%.


That's 6.25% a year.. meaning you're getting a return of 0.15% after you account for the SLC interest charges (at current rate)....

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