Should I take out a student loan if I don't need one?

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nrstudent
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#1
Report Thread starter 4 years ago
#1
Hi,

Is it worth taking out a living costs loan if I don't really need one? I live with my parents and they are able to support me but I wonder if it's worth taking one out just because they are good loans (the threshhold for paying back is currently £18330 and interest is 1.5%). I've seen other people asking about this but they seem to all be about England.

I'd only be taking one out for a year to do an HNC but I don't plan on doing more after that. I would probably get £6750 for the loan as I'm technically an independent student (over 25) and they wouldn't take my parents income into consideration (going by this at least https://www.saas.gov.uk/_forms/indep...ung_status.pdf).

No passive aggressive/trolling answers please! xx
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PQ
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#2
Report 4 years ago
#2
(Original post by nrstudent)
Hi,

Is it worth taking out a living costs loan if I don't really need one? I live with my parents and they are able to support me but I wonder if it's worth taking one out just because they are good loans (the threshhold for paying back is currently £18330 and interest is 1.5%). I've seen other people asking about this but they seem to all be about England.

I'd only be taking one out for a year to do an HNC but I don't plan on doing more after that. I would probably get £6750 for the loan as I'm technically an independent student (over 25) and they wouldn't take my parents income into consideration (going by this at least https://www.saas.gov.uk/_forms/indep...ung_status.pdf).

No passive aggressive/trolling answers please! xx
Would you benefit from the additional money? Could it maybe pay for a car/transport and work clothes when you finish your course? Or mean you can spend more time studying or taking unpaid work experience in a competitive job during your holidays?

If you think you’ll be able to use it for something useful then go for it. If you think you’ll just spend it on drinking then it might not be a great plan (although I used my loan to pay for a holiday...it was definitely worth it!).
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nexttime
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#3
Report 4 years ago
#3
I don't know about student loans in Scotland, but if its definitely only 1.5% I'd definitely take it. You can match that from an ISA or ifxed term investment, and when the time comes it will help towards a house deposit or other key purchase, or help you achieve some life goals whilst still young enough to achieve them!
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