The Student Room Group

How to cancel maintenance loan??

Hi,

since university will be online next term and I have decided I can fund the next terms myself, I would like to cancel my maintenance loan and was wondering how this is possible

many thanks
Original post by GotAQQuestion
Hi,

since university will be online next term and I have decided I can fund the next terms myself, I would like to cancel my maintenance loan and was wondering how this is possible

many thanks

I wouldn’t recommend this. Put the cash in your account and save it in case you need it. If you don’t then you can make one off repayments on the SLC website (but again student finance isn’t a sensible priority for repayment beyond the normal repayment plans).
Reply 2
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Paranoiaa
OP
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Original post by PQ
I wouldn’t recommend this. Put the cash in your account and save it in case you need it. If you don’t then you can make one off repayments on the SLC website (but again student finance isn’t a sensible priority for repayment beyond the normal repayment plans).


Thanks for your reply.

I'm still taking a tuition loan but since I am living at home for the next year (changed my mind), I want to cancel my maintenance loan. Is this possible through the student finance website?
Original post by GotAQQuestion
Thanks for your reply.

I'm still taking a tuition loan but since I am living at home for the next year (changed my mind), I want to cancel my maintenance loan. Is this possible through the student finance website?

You initially said you were living at home for just the first term not the year.

I still wouldn't recommend cancelling your maintenance loan - unless you're expecting to earn over £40k on graduating then you won't repay your loans so having the additional maintenance loan this year wont change the amount that you will repay at all - it would just give you some very handy savings that you might need next year or when you graduate.
Reply 4
Avatar for Paranoiaa
Paranoiaa
OP
19
Original post by PQ
You initially said you were living at home for just the first term not the year.

I still wouldn't recommend cancelling your maintenance loan - unless you're expecting to earn over £40k on graduating then you won't repay your loans so having the additional maintenance loan this year wont change the amount that you will repay at all - it would just give you some very handy savings that you might need next year or when you graduate.


I know but even with the interest, I would still be repaying once I earn the specific amount. But honestly, I have enough money in my savings to fund whenever I need to and if I'm not living out next year, I don't wanna get the maintenance loan.

But how do I cancel? is it through account or do I call them up?
Original post by GotAQQuestion
I know but even with the interest, I would still be repaying once I earn the specific amount. But honestly, I have enough money in my savings to fund whenever I need to and if I'm not living out next year, I don't wanna get the maintenance loan.

But how do I cancel? is it through account or do I call them up?

See if you can find the option on your account.
https://www.moneysavingexpert.com/students/should-i-get-student-loan/
Scenario 2 - average salary
"Only planning to borrow fees (not maintenance loan) – LOSS £4,750.

"Pay upfront and you'd have paid around £4,000 more than the total repayments over 30 years before the debt wipes. (This is calculated at current prices, as by pre-paying you're paying the loan off at current prices)."


You're turning down what is effectively free money.

Put in your details adjusting your average annual maintenance loan down by 1/3 in https://www.moneysavingexpert.com/students/student-finance-calculator/ and see what difference it makes to your repayments.

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