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Are loan repayments higher if you had a maintenance loan too?

I'm trying to decide whether to stay at home for uni or move away. Would repayments go up if I move away and need the maintenance loan or are the repayments the same as if I didn't. I would rather move away but if it meant it's significantly cheaper to stay at home then that's what i'll have to do.

Reply 1

TorpidPhil

You pay the same interest rate, but you'll have to borrow much less so overall your debt will be far lower.

Reply 2

uncommonsensing

Yes, you'll still be paying 9% of your total loan but your total loan will be a larger number so your repayments will be too. But 9% of the total is still going to be a relatively low, manageable number so if you want to move away I would encourage you to do so - it's about weighing up financial gain and personal gain

Reply 3

username457532

Original post by uncommonsensing

This is wrong. It is a percentage of your income above the threshold (which I believe in £21k). So your monthly repayments are no different whether you take a maintenance loan or not, you will just be paying back for longer.