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    I spent so much time trying to get my loan and grant sorted that by the time it got into my bank i was relieved it was over and left it at that, but i have never looked into paying the money back. Now the second installment of my grant and loan have come through i want to start paying back some of my tuition fees, how do i do this?
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    (Original post by ellingham)
    I spent so much time trying to get my loan and grant sorted that by the time it got into my bank i was relieved it was over and left it at that, but i have never looked into paying the money back. Now the second installment of my grant and loan have come through i want to start paying back some of my tuition fees, how do i do this?
    If you mean an SLC tuition fee loan then you shouldn't pay it back any quicker than is required. If you have some spare cash, stick it in a savings account and the interest you'll get will be far greater than the interest on the tuition fee loan.
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    (Original post by adambro)
    If you mean an SLC tuition fee loan then you shouldn't pay it back any quicker than is required. If you have some spare cash, stick it in a savings account and the interest you'll get will be far greater than the interest on the tuition fee loan.
    Basically i was going to move to uni but i didnt get a place in halls so i am still living at home, so i am living off my maintinence loan and i am going to use my maintinence grant to pay back the majority of my tuition fees. So should i store this money in account which has high interest rates and wait until i leave uni to pay back my tuition fees?
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    (Original post by slc)
    The Student Loans Company will apply 0% interest rate from 1 September 2009 – 31 August 2010 across the UK.
    That money has basically been loaned to you for free this year, if you have 3k to pay back that could potentially get you £50 for free if you can find a penalty free ISA at ~3% and leave it in there until August. It's the cheapest loan you will ever get and pointless paying it off if you need to use it in the future.
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    (Original post by Steeps)
    That money has basically been loaned to you for free this year, if you have 3k to pay back that could potentially get you £50 for free if you can find a penalty free ISA at ~3% and leave it in there until August. It's the cheapest loan you will ever get and pointless paying it off if you need to use it in the future.
    it may be quite hard to find one at 3%

    natwest e-isa is generally pretty good rates. and you can move money into and out of it at will
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    (Original post by ellingham)
    Basically i was going to move to uni but i didnt get a place in halls so i am still living at home, so i am living off my maintinence loan and i am going to use my maintinence grant to pay back the majority of my tuition fees. So should i store this money in account which has high interest rates and wait until i leave uni to pay back my tuition fees?
    As Steeps has also said, assuming the maintenance loan and tuition fee loan are both normal SLC loans then it doesn't make financial sense to repay them any faster than is required. You are much better keeping the money in a savings account earning a little interest and there for any unexpected expenses which may arise. SLC won't expect any repayments until you've left uni and you're earning over £15k per year.
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    Okay thanks for the replies everyone, i have one account with natwest and they wanted me to set up an isa account any way so i'll go have a chat with them about tomorro
 
 
 
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