Hey there! Sign in to join this conversationNew here? Join for free
    • Thread Starter
    Offline

    1
    ReputationRep:
    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?
    • Section Leader
    • Very Important Poster
    • Peer Support Volunteers
    • Clearing and Applications Advisor
    Offline

    21
    ReputationRep:
    Section Leader
    Very Important Poster
    Peer Support Volunteers
    Clearing and Applications Advisor
    (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
    Offline

    3
    ReputationRep:
    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.
    • Thread Starter
    Offline

    1
    ReputationRep:
    (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
    Offline

    3
    ReputationRep:
    (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.
    • TSR Support Team
    • Very Important Poster
    Offline

    21
    ReputationRep:
    TSR Support Team
    Very Important Poster
    I'd take it. It's one of the best deals when it comes to loans. You'll never know when you need it.
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Brussels sprouts
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.