Student loan flexibility

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MARMAT2022
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#1
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#1
I am sorry if it is a daft question but do I understand correctly that student loan in any given academic year is independent on the fact if had a loan earlier?

My son is going to Uni and at the moment we can afford the tuition fees and maintenance - given the predicted high interest rate due to high inflation it would seem that taking a loan would ideally be avoided.

If situation changes in the future, can you apply for a loan for tuition fees in later years of the course? Does it apply to maintenance as well? I assume it is the case but I cannot find it explicitly stated anywhere.

Thanks for your help !
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#2
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#2
It’s rarely worth paying tuition fees/maintenance up front.

The way student loans work the interest “charged” is irrelevant to the amount repaid. The only impact borrowing more can have is that the repayments would last longer - but in most cases it won’t change the amount repaid or time repayments cover. Because repayments are limited to a set amount of income above a set threshold they’re not variable based on the loan amount.

Your child would be better off taking their full loan entitlement and you keeping your savings to help them to pay a deposit on somewhere to live or similar after graduation.
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