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    I'm applying for 2016/17 entry and I have the option to apply for the extra maintenance loan (up to £3979- alongside the main maintenance loan which is £3039). I know i'm definitely applying for the main maintenance loan but I'm not sure about whether to apply for the extra one, considering I'll be living at home and won't be expected to pay very much for rent/bills (around £60 max per month). Assume I don't get a part time job so no extra income other than the loan.
    My friends say I should apply for it as I'm eligible and after all it is extra money, but is it really worth it in the long run? Will I be able to feel the impact and regret it when I'm paying it back? The starting salary for my graduate job will be around 21-22k. Thanks in advance
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    (Original post by Alevels112288)
    I'm applying for 2016/17 entry and I have the option to apply for the extra maintenance loan (up to £3979- alongside the main maintenance loan which is £3039). I know i'm definitely applying for the main maintenance loan but I'm not sure about whether to apply for the extra one, considering I'll be living at home and won't be expected to pay very much for rent/bills (around £60 max per month). Assume I don't get a part time job so no extra income other than the loan.
    My friends say I should apply for it as I'm eligible and after all it is extra money, but is it really worth it in the long run? Will I be able to feel the impact and regret it when I'm paying it back? The starting salary for my graduate job will be around 21-22k. Thanks in advance
    If you think you can manage on £44pw after rent then it might not be worth applying for the extra loan. If your household income is low enough that you would be eligible then it's likely that more than £60pm rent would be welcome.

    I'd suggest you talk this through with your parents - it is their income that will be assessed. Are you sure that they wont want/need more than £60pm? Are you sure you don't want to contribute more?

    Have you worked out your budget of likely expenses? Travel costs (do you own a car? petrol/insurance/car parking permit etc will all cost, if not then how much is your annual bus/train pass?), study costs (do you need to buy supplies? equipment? printer ink/paper? books?), and leisure costs (do you plan to go out? how often? how much do you think you'll spend? will you have to cover taxis home? what about clubs or societies? or sports/gym membership? what will you eat while at uni? how much do you expect to pay for food and drink while out and about?).

    I'd be surprised if this worked out below £50pw - commuting is cheaper than paying for accommodation but it isn't free. I'd also find out exactly what your £60pm rent will cover - will your family buy food for you to make packed lunches?
 
 
 
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