The Student Room Group

Do many people take out student loans?

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Original post by helen-a-ravenclaw
I'm not getting a student loan, though I imagine I'm in the (very small) minority.

I offered to get the tution fees loan and maintenance loan out, but my parents didn't want me too as they can afford to pay my tution and accomodation through uni. (I do have money saved up from various jobs for everyday expenses though.)

They have this view that as they didn't come out with a debt when they went to uni (because there were no tution fees) and so they don't want me to either.


This doesn't make sense to me. I'd rather my parents saved the money and gave me the equivalent amount when I left uni to put towards a house deposit or whatever. It's better to have a smaller mortgage, for example, than to not have a student loan, as mortgages cost more and have worse repayment terms.

I have a friend who's parents have done the same thing, but they had to struggle a lot to save the money, which seems weird and pointless.
(edited 11 years ago)
Original post by ily_em
This doesn't make sense to me. I'd rather my parents saved the money and gave me the equivalent amount when I left uni to put towards a house deposit or whatever. It's better to have a smaller mortgage, for example, than to not have a student loan, as mortgages cost more and have worse repayment terms.

I have a friend who's parents have done the same thing, but they had to struggle a lot to save the money, which seems weird and pointless.


Like I said, I offered to take out the full student loans because I felt it was fairer on my parents, but we ended up in a bit of an argument about it. They want to support me through uni, and it seemed a bit rude to refuse it after they've worked hard all their lives for the money to go towards something like this.

They've already set aside other money to go as a down payment on a house when I'm older, just like they did for my brother a couple of years ago when he bought his first house.

We don't go on fancy holidays all the time, my dad has a really well paying job and my parents have always been good with their spending and saving their money, which is something they've always taught me and my brother as well, so why is it silly if they want to use their money to better their children?
Original post by helen-a-ravenclaw
I'm not getting a student loan, though I imagine I'm in the (very small) minority.

I offered to get the tution fees loan and maintenance loan out, but my parents didn't want me too as they can afford to pay my tution and accomodation through uni. (I do have money saved up from various jobs for everyday expenses though.)

They have this view that as they didn't come out with a debt when they went to uni (because there were no tution fees) and so they don't want me to either.



Why not take out the loan and deposit the money into a high interest account, and then when you graduate withdraw the money from this account and repay it immediately(it doesn't accumulate much interest before you graduate) and then you'll have basically made the interest money in profit.
Original post by Mr Dangermouse
Why not take out the loan and deposit the money into a high interest account, and then when you graduate withdraw the money from this account and repay it immediately(it doesn't accumulate much interest before you graduate) and then you'll have basically made the interest money in profit.


Is that really worth the hassle?

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