ibby13
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Hi there! I'm going to be studying dentistry at Sheffield (if i get the grades, hopefully) and I am entitled to the maximum amount of maintenance loan. I can't remember exactly what it is but let's say it's in the region of £9500. I am from Birmingham so I'll need to move into student accommodation. The rent would be about £5000, for example. Should I take out the maximum loan or the smallest amount possible for me to get by?

I know I will have to pay it back but it's 9% of my salary for 30 years. Even the student loan of £37000 plus interest and inflation, I won't be able to pay off unless it's written off. So should, I take out the extra couple of thousand a year?

I'm really confused about how this works and how this will impact me in the future. Thank you and all advice is welcome. Also, if you had a similar entitlement of maintenance loan, how much did you take out?
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Emily5243
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If I were you, I would take out the maximum you can. The debt doesn't affect you in the future so having more student loan debt will not negatively impact you. Most people don't pay off their student loans so even if you were to just take out what you need to get by, you most likely wouldn't be able to pay it all off anyway.
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ibby13
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(Original post by Emily5243)
If I were you, I would take out the maximum you can. The debt doesn't affect you in the future so having more student loan debt will not negatively impact you. Most people don't pay off their student loans so even if you were to just take out what you need to get by, you most likely wouldn't be able to pay it all off anyway.
Thank you so much for replying. I really appreciate it!!!
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Euapp
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(Original post by Emily5243)
If I were you, I would take out the maximum you can. The debt doesn't affect you in the future so having more student loan debt will not negatively impact you. Most people don't pay off their student loans so even if you were to just take out what you need to get by, you most likely wouldn't be able to pay it all off anyway.
From an individual point of view that is correct and O.P will undoubtedly have more ready cash. BUT if it's really more than is needed it just basically means the tax payer will be paying more. The more people take that is not necessary, the more we will all be paying later. Afterwards, there are loads of dentists that earn more than enough to pay off their loans plus interest. So it is quite likely that you will be paying it all back at over 6% interest!
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Euapp
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https://uk.jobted.com/salary/dentist

I think there is a high probability that you'll be paying it back if you look at these average salaries. So up to you to decide if you think the extra cash available throughout your studies is worth a high compound interest rate later.
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Emily5243
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(Original post by Euapp)
From an individual point of view that is correct and O.P will undoubtedly have more ready cash. BUT if it's really more than is needed it just basically means the tax payer will be paying more. The more people take that is not necessary, the more we will all be paying later. Afterwards, there are loads of dentists that earn more than enough to pay off their loans plus interest. So it is quite likely that you will be paying it all back at over 6% interest!
I guess it depends on how much you want to spend - with £5000 rent taken out of the loan, how much extra would OP need? It might not end up being massively lower than their entitlement anyway. Also, dentistry often has longer terms than normal and will have placements which you might have to travel to which all adds to the cost
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Euapp
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(Original post by Emily5243)
I guess it depends on how much you want to spend - with £5000 rent taken out of the loan, how much extra would OP need? It might not end up being massively lower than their entitlement anyway. Also, dentistry often has longer terms than normal and will have placements which you might have to travel to which all adds to the cost
Quite possible, and Uni isn't just about studying and nothing else. There has to be a minimum of social life with it. I just think the whole system is skewed. Yesterday there was an OP bragging that his parents had a £ 30 M asset but he'd swindled the maximum loan, and thought it was normal. And then the SLC just says London or elsewhere, when the difference between rent in the north and south is so different. Bristol is as expensive as London and there is literally nothing left over afterwards. Ideally I think the accomodation should be paid like the fees, directly to the provider if it's halls and then the maintenance calculated on parental revenue. Of course private rentals would be really complicated so idk.
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