The Student Room Group

Getting a maintenance loan - what do you think?

Hi,

I'm starting uni in September. I've got my confirmed place and it's about a 20 minute drive from my home and 10-12 minute journey by train. I am gonna be living at home so I won't be using a maintenance loan for student residences, however I am eligible for just over £3,000 (a year) in loan. This loan could cover stuff like petrol and train tickets, however my parents don't like the idea of me adding to my debt. I'll have £27k tuition fee debt and then the added £3k (possibly per year).

Would the added debt of the maintenance loan make much of a difference or should I keep my debt as low as possible?

Seen some people on here say student loans are the 'easiest' loan you can get and you should just get what you can. What do you guys think?
Reply 1
Take it, it's not real debt.
Original post by Neilos
Take it, it's not real debt.

That's what I'm thinking. I'm hoping to get a few more opinions but I think I'll apply for the maintenance loan at least for one year to cover my transport.
Reply 3
Whenever I think about student loans, I always think back to Martin Lewis' explanation. Where most likely u wont pay it back.

I mean, only once u earn over £25,725 u start paying it back. Even then u pay only 9% of the amount over.
Original post by andrewthorne

however my parents don't like the idea of me adding to my debt.


Are they offering to put up the £3,000 themselves?

I'm assuming no, so take the loan.
Reply 5
I mean, just take it and if you don't need it just repay it back when you finish. Or stick it in a high interest account. Maybe think about a LISA. Deposit 4k and get 1k from the government for a house deposit. You won't get a chance of this free money ever again.

15k over 3 years for a house deposit for only a ~~ £50 a month "debt" no brainer for me.
(edited 4 years ago)
Reply 6
Original post by andrewthorne
Hi,

I'm starting uni in September. I've got my confirmed place and it's about a 20 minute drive from my home and 10-12 minute journey by train. I am gonna be living at home so I won't be using a maintenance loan for student residences, however I am eligible for just over £3,000 (a year) in loan. This loan could cover stuff like petrol and train tickets, however my parents don't like the idea of me adding to my debt. I'll have £27k tuition fee debt and then the added £3k (possibly per year).

Would the added debt of the maintenance loan make much of a difference or should I keep my debt as low as possible?

Seen some people on here say student loans are the 'easiest' loan you can get and you should just get what you can. What do you guys think?


They must be earning a significant amount of money if you're only eligible for the minimum loan.. and they won't be giving you any? Sigh..

What's your expected starting salary?
Reply 7
Original post by andrewthorne
Hi,

I'm starting uni in September. I've got my confirmed place and it's about a 20 minute drive from my home and 10-12 minute journey by train. I am gonna be living at home so I won't be using a maintenance loan for student residences, however I am eligible for just over £3,000 (a year) in loan. This loan could cover stuff like petrol and train tickets, however my parents don't like the idea of me adding to my debt. I'll have £27k tuition fee debt and then the added £3k (possibly per year).

Would the added debt of the maintenance loan make much of a difference or should I keep my debt as low as possible?

Seen some people on here say student loans are the 'easiest' loan you can get and you should just get what you can. What do you guys think?

What will you be studying?
Original post by IWMTom
They must be earning a significant amount of money if you're only eligible for the minimum loan.. and they won't be giving you any? Sigh..

What's your expected starting salary?

Starting salary is £18,000 after the course. I'm studying Media Production.
Media Production
Original post by ajj2000
What will you be studying?
Reply 10
Original post by andrewthorne
Starting salary is £18,000 after the course. I'm studying Media Production.


You'll never pay back your tuition loan, nevermind the maintenance. Take the free money.
Original post by andrewthorne
Media Production


Take the free money. By the time you have the tuition loans its likely that you will never pay off the extra £15k or so. Might not be true if you were studying law / computer science etc.

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