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    I am planning on going to Birmingham university and I am planning on staying at home and commuting as I live nearby. As a result I only need the maintenance loan for transport (around £260 a term) and money for text books ect. (however I have been told that they try to minimise the need for textbooks and mostly use print-outs). I am eligible for a £1000 bursary as well as £5000 if I achieve A*AA. Because of this I don't really need a maintenance loan but I'm not sure whether I should get one just in case and put it into a bank account and if so how much of a maintenance loan to get. Any advice?
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    (Original post by yoyoabc)
    I am planning on going to Birmingham university and I am planning on staying at home and commuting as I live nearby. As a result I only need the maintenance loan for transport (around £260 a term) and money for text books ect. (however I have been told that they try to minimise the need for textbooks and mostly use print-outs). I am eligible for a £1000 bursary as well as £5000 if I achieve A*AA. Because of this I don't really need a maintenance loan but I'm not sure whether I should get one just in case and put it into a bank account and if so how much of a maintenance loan to get. Any advice?
    You could apply for a minimum loan and you could always save it or amend it if you didn't need it
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    Depends if you are disciplined enough to not spend it. If you can put it safely in a savings account and not touch it, then you would be silly not to. However if there is the slightest chance of you spending it then you are better off not taking it at all.
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    (Original post by HFBS)
    Depends if you are disciplined enough to not spend it. If you can put it safely in a savings account and not touch it, then you would be silly not to. However if there is the slightest chance of you spending it then you are better off not taking it at all.
    I wouldn't spend it, I have enough savings to not need to and I'm more of a saver than a spender. But the problems is that the interest building up on the loan is going to be more than whatever I'm getting by putting it in a bank account
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    (Original post by yoyoabc)
    I wouldn't spend it, I have enough savings to not need to and I'm more of a saver than a spender. But the problems is that the interest building up on the loan is going to be more than whatever I'm getting by putting it in a bank account
    At the moment. What about if it forms the deposit on your first house? What about if it is in a good tax-free savings account? Interest rates can't really go down, so at some point you will be earning a better rate on it. I haven't looked much into student loans as it doesn't really apply to me (student nurse) so you will have to make these decisions for yourself.
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    I'd take it. It's one of the best deals when it comes to loans. You'll never know when you need it.
 
 
 

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