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How much of student (maintenance) loan to take?

Hi guys. Question about how much of the maintenance loan I should take...
Is it worth taking the highest loan that I can even if I don't need all of the money (at least currently)? I could, for example, save the extra money I don't use to spend after university later (renting a flat etc).

According to what I predict I'm going to earn in the future, I've worked out that if I apply for the amount of loan I need AND if I apply for the highest possible loan, I'll still over 30 years have paid the same amount of money towards it (Rate 2 from wages) AND would still be unable to pay off the entire loan after 30 years (so it gets wiped). Yet, if I applied for the highest loan I'd end up with more money considering the high debt it brings is wiped after 30 years.

If I do take the higher loan then I end up with around £7,500 over the 3 years more in money though with nearly double the debt (though this gets wiped anyway after 30 years, and again, the amount I pay out of wages towards the debt is the same either way). Is the risk/reward worth it?

Also, is there a risk of the '30 years and loan is wiped' being changed at some point in the 30 years (or any other changes)?

There is, of course, no guarantee that if I go for the higher loan, there will be an excess for all 3 years (for example, if my Dad stops contributing).

Interesting to see what others in this situation did/would do!

Reply 1

_xChlox_

Always go for the highest possible loan, you’re going to need it

Reply 2

username3783188

Anyone have anything to add?
I don't have too long until I need to send off the form with the amount I'm applying for so it would be great to hear more opinions from others if possible.