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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PQ
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I would always strongly recommend taking out the maximum loan that you’re able to. The repayment plan is affordable either way and if you end up with a but more than you need then you can always use it towards helping fund your studies in later years (when getting part time work in term time might be more of a problem) or towards rental/mortgage deposits or setting yourself to work (car, flat, travel tickets, professional clothes etc) after your degree.
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JOSH4598
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(Original post by PQ)
I would always strongly recommend taking out the maximum loan that you’re able to. The repayment plan is affordable either way and if you end up with a but more than you need then you can always use it towards helping fund your studies in later years (when getting part time work in term time might be more of a problem) or towards rental/mortgage deposits or setting yourself to work (car, flat, travel tickets, professional clothes etc) after your degree.
I'm currently in a similar situation for my second year finance where I'm eligible for more than I need. Do you recon it really is worth borrowing more - to me it seems an expensive way to borrow money I don't need. I know repayments are the same but I guess the overall loan amount will be increasing by bigger increments if I borrow more.
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PQ
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(Original post by JOSH4598)
I'm currently in a similar situation for my second year finance where I'm eligible for more than I need. Do you recon it really is worth borrowing more - to me it seems an expensive way to borrow money I don't need. I know repayments are the same but I guess the overall loan amount will be increasing by bigger increments if I borrow more.
The repayments is the *actual* size of your loan. The amount on the piece of paper used by SLC is only notional.

Go on the moneysavingexpert website to their student loan repayment calculator and put in the different amounts of total debt and your expected salary and see how taking out the bigger loan will impact your actual repayment amount.
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JOSH4598
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(Original post by PQ)
The repayments is the *actual* size of your loan. The amount on the piece of paper used by SLC is only notional.

Go on the moneysavingexpert website to their student loan repayment calculator and put in the different amounts of total debt and your expected salary and see how taking out the bigger loan will impact your actual repayment amount.
Ok thanks - the moneysavingexpert page on this is definitely the best handbook you could need I've referred to it many times so I'll take a look at the calculator. I just felt it was an expensive way to borrow money I don't need!
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