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    So if you had a maintenance loan of £8000 and you spent £6000, what happens to that £2000? Does it go straight back to Student Finance?
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    Who the hell manages to get £8K in maintenance!?


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    (Original post by Edminzodo)
    So if you had a maintenance loan of £8000 and you spent £6000, what happens to that £2000? Does it go straight back to Student Finance?
    No, you get to keep it and it can just stay in your bank account.
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    (Original post by AdorableDrip)
    Who the hell manages to get £8K in maintenance!?


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    Sorry if I'm using the wrong terminology. I'm just really confused about repayments!

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    (Original post by Aph)
    No, you get to keep it and it can just stay in your bank account.
    So you can use it to pay off stuff? I wouldn't want to pay back any more than I used . . .
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    (Original post by Edminzodo)
    So you can use it to pay off stuff? I wouldn't want to pay back any more than I used . . .
    You can yes. Afaik you can't give money back to SFE anyway. You will just repay when you would normally have to.
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    (Original post by Aph)
    You can yes. Afaik you can't give money back to SFE anyway. You will just repay when you would normally have to.
    So you can use borrowed money to pay off borrowed money?!

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    (Original post by Edminzodo)
    So you can use borrowed money to pay off borrowed money?!

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    Because the student loan isn't like any other loan. You don't pay beach money depending on what you have left but what you own, and eventually the loan gets wiped. It's more like a graduate tax in all but name.
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    (Original post by Aph)
    Because the student loan isn't like any other loan. You don't pay beach money depending on what you have left but what you own, and eventually the loan gets wiped. It's more like a graduate tax in all but name.
    Oh. Wow, I had completely the wrong idea. Thank you so much.

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    You keep it. I actually managed to leave uni with savings :yep:

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    When the maintenance loan goes into your bank, you can use it how you want. You don't need to pay it back until you earn £21,000 after you graduate. However, if you want to reduce your debt you can always pay it back via the Student Loans websites if you want to. Now interest is added into your balance as soon as the money reaches your bank account so it is always a good idea to start paying it off. It does get wiped off after 30 years but 30 years is a long time.
 
 
 
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