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    I currently live in England and i'm doing a 5 year course in Scotland (Dentistry at Dundee), and I don't know whether or not to get the maintenance loan. My parents are able to comfortably pay for my living expenses off savings so I don't need it, but is it worth getting anyway?

    First of all, what's the interest rate on it. If it's quite low, then I could take the maintenance loan and invest the money my parents have saved. Then if the rate of return off the investment is greater than the interest rate, I would be making a profit. Sorry if it sounds complicated.

    I think I can get a maximum of £3750. Also, does the debt get paid in the same way as tuition fees? Because I probably won't ever pay back 5 years worth of tuition fees via the '9% tax system', even on a dentists salary. So in that case, maybe I should take the Maintenance loan because i'll never have to pay it back?

    ffs this is confusing. Need some advice.
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    The maintenance loan is paid back the same way as the tuition fee loan. How much you pay back depends on how much you earn.

    This explains how the interest works.
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    The link says that if I don't get a maintenance loan, i'll end up paying £130,000 over 24 years. If I do, i'll be paying £204,000 over 30 years.

    I still need some advice btw, not just facts and links.
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    My sister only took the maintenance loan and not tuition when she went to st andrews (fees were 1,800 when she started 3 years ago -.-) but then my mom and dad didnt realise how much extra they would need to give her I know if I go Dundee i'll have to have tuition and maintenance and still have to have money off my mom and dad for food cause it wont cover i basically costed up how much it would be each year for the whole of my degree specially as an English student, but if you dont take the loan this year you wont have to have it next year or you can, if it was me id apply for it and then next year you may still have some money left over and wont have to apply for more hope this helps a little
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    If your parents are comfortably off, which I'm assuming they are, they'll probably have a financial adviser, just ask them next time they have a meeting.

    I know some people have taken the loan and put in an ISA and that accrues more interest than they're paying but for other people it's worked out better to just use the money from their parents directly, depends on things such as your future salary (which affects how fast you'll pay it back), what savings rate you can find, the affect of an NHS bursary etc.

    Basically it varies from person to person and can be quite complex to work out which is best for you, hence getting adviser to have a butch at it is a good idea.
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    (Original post by roh)
    If your parents are comfortably off, which I'm assuming they are, they'll probably have a financial adviser, just ask them next time they have a meeting.

    I know some people have taken the loan and put in an ISA and that accrues more interest than they're paying but for other people it's worked out better to just use the money from their parents directly, depends on things such as your future salary (which affects how fast you'll pay it back), what savings rate you can find, the affect of an NHS bursary etc.

    Basically it varies from person to person and can be quite complex to work out which is best for you, hence getting adviser to have a butch at it is a good idea.

    The days of investing the student loan and making money arte long gone.
    The best 3 year ISA currently pays 3%
    The student loan is RPI plus 3%, currently over 6%.
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    (Original post by balotelli12)
    The days of investing the student loan and making money arte long gone.
    The best 3 year ISA currently pays 3%
    The student loan is RPI plus 3%, currently over 6%.
    Ah well, it was a nice idea.

    Also, sorry think I might have accidentally negged you, stupid phone.
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    (Original post by balotelli12)
    The student loan is RPI plus 3%, currently over 6%.
    It depends how much you earn to how much you pay back. As mentioned in my link.
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    You can make money if you are extremely clever and cautious. It's called 'stoozing'.

    You find the bank willing to give you the largest interest free overdraft, which I believe at the moment would be Halifax at £3,000. You withdraw this money and place it in a strong savings account such as an ISA. Because the student overdraft is interest free, any money you make on this is pure profit.

    However you have to be spot on with your finances, it is not recommended if you are not confident.

    More info here:

    http://www.moneysavingexpert.com/stu...t-bank-account
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    (Original post by OU Student)
    It depends how much you earn to how much you pay back. As mentioned in my link.
    I was replying to a suggestion that you take the loan and invest it.
    At that time you would be a student paying the interest rate I posted.
 
 
 
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