Taking out max maintenance loan if I don't need it?

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deej2
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#1
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Hey, I've just finished my second year uni

I've saved up 25k from various grants and having a job before uni

My student loan debt is currently at £33,000 and if I continue to take out max maintenance loan, it's on course to be £74,000 once I finish uni. (5 year course)

I get a 5k NHS learning support grant plus 3k grant from the Welsh government each year, so I can pay rent and live on the grants alone. These don't need to be paid back

Therefore, is it necessary to take out the max maintenance loan if I can survive on grants alone?

I can potentially reduce the student debt by quite a large sum and have more chance of paying it off? I would like to pay if off but I'm not sure how likely as a physiotherapist that is. Probably less likely if I go into NHS.

On the other hand, should I take the max maintenance loan anyway, despite not really needing it, and try to invest it or save it for a future mortgage? I'm aware that having 25k+ savings in the bank just sitting there is pretty counterproductive

Any advice would be greatly appreciated
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londonmyst
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#2
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Best to take the maximum loans available.
Then save as much of your student finance income as you can towards a property deposit and small rainy day fund in case of financial emergencies.
Good luck!
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ajj2000
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Are you expecting some huge income on graduation? I’d assume not if nhs related?
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deej2
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#4
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(Original post by ajj2000)
Are you expecting some huge income on graduation? I’d assume not if nhs related?
No, first 3 years I'll most likely work in the NHS but I want to get into sport and private on the side so that could change things further down the line. Very difficult to know my career trajectory though
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ajj2000
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(Original post by deej2)
No, first 3 years I'll most likely work in the NHS but I want to get into sport and private on the side so that could change things further down the line. Very difficult to know my career trajectory though
It’s generally better to max out the loans you take and leave what you can in savings once your overall student debt is greater than a certain level - £20k for example - which would vary by career path.
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