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    Does interest start straight away, and how much is it?
    I started university in october and received the first maintenance loan of £1176.12, but have since withdrawn and want to pay back this loan.
    However, student finance are pretty awful and don't really give any information about ANYTHING, could someone tell me if it's just the £1176.12 I have to pay back or would interest already have started?
    Thanks
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    If its a GRANT you don't pay it back ever, if its a LOAN, the interest is earned from once you graduate.
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    I'm fairly sure interest is earned as soon as you take the loan. So you'll owe £1176.12 plus interest, which I think is 2.8% (I could be wrong). I calculate you'll owe them about £11 in interest if you pay it back now.
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    (Original post by lazy smurf)
    If its a GRANT you don't pay it back ever, if its a LOAN, the interest is earned from once you graduate.
    Oops, I meant loan!
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    (Original post by modgepodge)
    I'm fairly sure interest is earned as soon as you take the loan. So you'll owe £1176.12 plus interest, which I think is 2.8% (I could be wrong). I calculate you'll owe them about £11 in interest if you pay it back now.
    Do you know how we find out what the exact balance is? Student finance are so unhelpful!
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    (Original post by lazy smurf)
    If its a GRANT you don't pay it back ever, if its a LOAN, the interest is earned from once you graduate.
    UTTER RUBBISH!

    Your loan will have accrued interest at 1.5% since the day you received it.
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    (Original post by naomidawn)
    Does interest start straight away, and how much is it?
    I started university in october and received the first maintenance loan of £1176.12, but have since withdrawn and want to pay back this loan.
    However, student finance are pretty awful and don't really give any information about ANYTHING, could someone tell me if it's just the £1176.12 I have to pay back or would interest already have started?
    Thanks
    It will have accrued interest at 1.5% SINCE YOU GOT IT.
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    (Original post by hypocriticaljap)
    It will have accrued interest at 1.5% SINCE YOU GOT IT.
    Thanks, I managed to find my balance after much trawling through the student finance website!
 
 
 
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