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Should I get the student loan? Watch

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    Basically, I've started my first year of uni in Derby. I decided not to take out the student loan (but took the grants). At the beginning of September I had just over £10,000 in my bank account (not from parents but from working) and decided that it would be better to just pay my tuition fees directly rather than get tied down with a loan.

    The thinking was, I don't want to owe people money if I don't have to, which makes sense to me. But I'm wondering now if I should just take the loan anyway? Will I end up having to pay a lot more back? While I'm not going to run out of money, I have been quite sad to watch my balance dwindle lower (after tuition and halls fees in January I'll have come down to £6k). Would getting the loan just make sense to keep me up? Or should I avoid having that debt on me if I don't need to do it.

    (btw, sorry if I sound arrogant or spoilt or anything, I'm not! My parents haven't given me any money)

    Thanks!
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    I forget what the interest rate on the loan is, but it's something like 0% or the BoE base rate or something tiny like that. Even if you don't actually need the loan it's essentially free, so you may as well take it, put the money in an ISA or something for a couple of years, and get a few hundred pounds profit from it. If I didn't need the loan, that's what I'd be doing.
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      Bear in mind that your £10k is only really going to cover your first year. You will have to take out the loan sooner or later.
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      (Original post by ritchie888)
      Bear in mind that your £10k is only really going to cover your first year. You will have to take out the loan sooner or later.
      I'm still in my job at £1900 a month, so based on the savings I allocate each month it'll keep afloat
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      (Original post by BenKing)
      I'm still in my job at £1900 a month, so based on the savings I allocate each month it'll keep afloat
      will you be in the job whilst at university? I'd take the loan i did (i didnt need it either)
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      (Original post by Tony_Soprano1)
      will you be in the job whilst at university? I'd take the loan i did (i didnt need it either)
      Yeah I've been in it for 2 years, still with it through my first semester and (hopefully!) I'll still be in it for the duration of uni
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      (Original post by BenKing)

      Thanks!
      take the loan, stick it all in a highest interest rate isa that you can find. Repeat for three years and then you will owe £9K, but have around £11k. Whats the problem?
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      To be honest you might as well take out the student loan - its the cheapest loan you'll ever get and no limit on repayment time. The way I see it, use your money for tuition, then 5 years down the line you need money you take a loan out at a much higher rate, whereas use the tuition loan, 5 years down the line you still have your money...
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      (Original post by Potally_Tissed)
      I forget what the interest rate on the loan is, but it's something like 0% or the BoE base rate or something tiny like that. Even if you don't actually need the loan it's essentially free, so you may as well take it, put the money in an ISA or something for a couple of years, and get a few hundred pounds profit from it. If I didn't need the loan, that's what I'd be doing.
      Yeah, this is what I'm doing. Don't need the loan because I have a job for income, but I'm doing this and then paying it back ASAP when I graduate!
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      Well done for saving so much! I think the more you can pay yourself the better it will be when you come out of University. Your pay packet will be higher of course.
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      I am doing a part time job. So there is no need to take a loan for my studies or any other purpose.
     
     
     
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