I want to cancel my Maintenance Loan

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xHazalx
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#1
Report Thread starter 5 years ago
#1
I have received a letter from student finance saying that I will be receiving £6,000 in instalments throughout my course. Back when I completed the application and submitted it I thought I would have financial difficulties whilst studying, however, currently I'm in a much financially strong position therefore I don't need that much. How do I cancel my maintenance loan? I haven't signed the declaration form yet too so would the cancellation process be easy?
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Cowie315
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#2
Report 5 years ago
#2
Considering that it doesn't have to be paid back until you are earning, would it not be worth accepting it just incase things aren't as easy another year, and if all else fails pay it back at the end, or cancel your final years loan instead? That way you are guaranteed to be secure financially through your studies?

Otherwise, I don't think I've ever known anyone cancel a loan 😂
Personally I'd would accept it and save it, depending on how long you've got of your degree, it could come in useful. Use it for a study abroad scheme, or a sandwich year?

I'm currently offered 6,000 for my first two years, and that only covers my accommodation 😭
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indigofox
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#3
Report 5 years ago
#3
I'l have it, hand it over to me lol. Just ring them up and they should cancel your application/maintanance loan over the phone.
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howardwicks1
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#4
Report 5 years ago
#4
Surely you might as well just have it? Even if you don't spend it you could save it or buy premium bonds with it or something! I know for me having an extra six grand lying around would be great.
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Wring
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#5
Report 5 years ago
#5
Keep it. Put it into your savings and make some money on it, and then at the end you either pay it back in small amounts or you can just pay back the whole thing.
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