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Should I borrow the maintenance loan? watched watch

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    Basically, I should have enough money to get me through the year with the money I have already (just about, with very little extra), and so if I do borrow the maintenance loan from Student Finance (about £3000 - 4000), then I would probably use it for other means (like investing/saving it).

    Would it be worth having access to the extra money so I can use it (although not essential as I can cover my costs anyway), or would it be best to not borrow it given the interest rates associated, i.e. RPI+3.

    Many thanks!
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    It's worth having access to the extra money as a safety I think
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    (Original post by claireestelle)
    It's worth having access to the extra money as a safety I think
    The thing is, I probably won't need it so borrowing more will just be for investment but costs in terms of the interest. but extra money is definitely useful i guess!
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    (Original post by subject1)
    The thing is, I probably won't need it so borrowing more will just be for investment but costs in terms of the interest. but extra money is definitely useful i guess!
    You could always take the minimum loan just to be safe, and stick it in a current account with interest and if it turns out you didnt need any at all you could always pay it back.
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    Are you just really rich?
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    (Original post by BirdIsWord)
    Are you just really rich?
    haha I wish. I just have exactly the money needed to survive a year without having to rely on the loan (and literally exactly, with no extra), so any further money will go into a savings/investing account.
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    (Original post by claireestelle)
    You could always take the minimum loan just to be safe, and stick it in a current account with interest and if it turns out you didnt need any at all you could always pay it back.
    but with the maintenance loan's interest (RPI+3, which is way higher than any savings account's interest) I will likely to be worse off if I borrow it, not use it, and pay it back. I guess having the money would be good just to be safe though.
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    (Original post by subject1)
    but with the maintenance loan's interest (RPI+3, which is way higher than any savings account's interest) I will likely to be worse off if I borrow it, not use it, and pay it back. I guess having the money would be good just to be safe though.
    RPI is currently 0.9% so if you get a 4% current account and there are a few out there you d break even if just for a safety net I think you should get it .
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    (Original post by claireestelle)
    RPI is currently 0.9% so if you get a 4% current account and there are a few out there you d break even if just for a safety net I think you should get it .
    ok thanks!
 
 
 
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