So for first year I have taken out the max maintanance loan which was 8700 and tution fee was 9250. So after that year I owe 17,950 which will go up because of the interest for the year. I have switched unis and will be starting year 1 again. I have worked out that if I studied for a full MEng taking out the max maintance loan, i will end up with a debt of just over £100,000 when I graduate, quite abit would be due to interest during the years of study. This amount is just making me freak out.
I receive bursary from uni and after my first year actually finished with 2-3k in my bank account. So I am thinking for the next 4 years if I don't take out the max loan and instead took out 3k less each year then I will end up with £88,000 worth of student debt which is still alot but its not 100k. I was also thinking of just doing the 3 year BEng and so only end up with about £70,000 worth of debt. I am hoping to graduate and mabye go into a finance role which would pay a good salary but the salary won't be a crazy amount so that the debt would mean nothing to me. I am worried if I do end up earning just enough to be paying off large amounts of loan and end up having to pay over 100k in the 30 years post graduation.
Would it be wise to take out a smaller maintenance loan or would it not matter since the loan is so high? I was planning on saving whatever left over from my loan(2-3k) each year and using this to build towards a deposit for a house when I graduate which would be useful. Anyone feel free to give some advice