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Do I Use My Scholarship to Repay Student Loans? watch

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    So here is the situation:

    I currently have 5 years worth of student loans (tuition and maintenance) at the lower fees of £3000 + around £3500 per year, so we're looking at £32500 on low interest. I will be doing a course next year on the slightly higher interest with £9000 + £7000 in loans putting my total debt at around £48000.

    I have been awarded a £30,000 scholarship next year + around £1500 but I have no idea how to best save it. I currently have no savings and was planning on putting £8000 away per year for salary leaving me on a hypothetical starting salary of around £34,000 for 4 years. The additional £6,000 will be saved to cover the cost of my Cambridge masters degree which will add to my employability. However, I'm not sure if its best to take the untaxed paycut and use the scholarship to start repaying off my loans or should I just slowly pay the loans back.

    Any ideas?
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    Have a read of this:

    http://www.moneysavingexpert.com/stu...t-student-loan

    It's probably a bad idea and waste of money unless you'll definitely be earning big bucks. I'd wait and see what the job market is like + your career first if I was you.
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    The common consensus is that your student loan is the cheapest form of borrowing you'll ever have. Better to leave it at minimum repayments and use savings towards a house deposit instead.
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    (Original post by SophieSmall)
    Have a read of this:

    http://www.moneysavingexpert.com/stu...t-student-loan

    It's probably a bad idea and waste of money unless you'll definitely be earning big bucks. I'd wait and see what the job market is like + your career first if I was you.
    (Original post by Reue)
    The common consensus is that your student loan is the cheapest form of borrowing you'll ever have. Better to leave it at minimum repayments and use savings towards a house deposit instead.
    Thanks guys, confirmed what I thought. I realise once graduating having money for house deposits ect is vital.
 
 
 
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