NovaChro
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Guys, I had a talk with my dad about maintenance loan, and he said that its finance so basically after I end university after getting for example 3,314 every year for 3 years (9,942 in total) then I would have to pay back more, since its in finance. e.g. 500 pounds more that would make it 10,442

My dad had a talk with a current student and also a consulate
and they both said the maintenance loan is in finance, is this actually true?
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claireestelle
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(Original post by NovaChro)
Guys, I had a talk with my dad about maintenance loan, and he said that its finance so basically after I end university after getting for example 3,314 every year for 3 years (9,942 in total) then I would have to pay back more, since its in finance. e.g. 500 pounds more that would make it 10,442

My dad had a talk with a current student and also a consulate
and they both said the maintenance loan is in finance, is this actually true?
its a loan but it's not like a bank loan, you have to earn a lot to pay much of it back.
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NovaChro
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(Original post by claireestelle)
its a loan but it's not like a bank loan, you have to earn a lot to pay much of it back.
That's a simple view of it, but theres a lot more e.g. the interest rate, it used to be 6.3% now its 5.4% which is lower, but it can boom up anytime and that is all bad for us students since we will pay back more than we were paid, thats just scary.

Tbh I will roll with the £3,314 since I am not living in the accommodation and will only pay for travel, food, phone bills (up to £35 max) and some clothes from time to time, my parents might also chip in from time to time.
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claireestelle
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(Original post by NovaChro)
That's a simple view of it, but theres a lot more e.g. the interest rate, it used to be 6.3% now its 5.4% which is lower, but it can boom up anytime and that is all bad for us students since we will pay back more than we were paid, thats just scary.

Tbh I will roll with the £3,314 since I am not living in the accommodation and will only pay for travel, food, phone bills (up to £35 max) and some clothes from time to time, my parents might also chip in from time to time.
Compared to the more than 100k interest that our mortgage will be, it's really not that bad
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