Doctoral loan 29k, dont need it but should I use it
Hello,
I am eligible for the roughly 29k (28,673) doctoral loan as I am doing a 3 Year PhD. I don't need the loan, as I am able to live at home and saved abit before the PhD.
Can someone help with the maths?
It has an interest rate of 7.1%, and I will pay 6% of the difference between the threshold of £1750 per month pre tax and whatever salary I will be on after April 2026, so I think I will be on £3750 pre tax (upon finishing my PhD). I reckon this means I would pay £120 a month from my salary from the doctoral loan.
120x12=£1440 per year repaid.
1440x30=43,200 repaid over 30 years, despite taking a loan of £29k. eh?
Do I just bank the ~29k? Do I stick it in a stock market tracker? Do I use it for a house deposit? Pay off my 20k outstanding on a car?
Or will I be paying more in interest overall if I take the loan, than if I did not take the loan.
No partner, no home ownership, no glamourous life at this stage.
thanks,
I am eligible for the roughly 29k (28,673) doctoral loan as I am doing a 3 Year PhD. I don't need the loan, as I am able to live at home and saved abit before the PhD.
Can someone help with the maths?
It has an interest rate of 7.1%, and I will pay 6% of the difference between the threshold of £1750 per month pre tax and whatever salary I will be on after April 2026, so I think I will be on £3750 pre tax (upon finishing my PhD). I reckon this means I would pay £120 a month from my salary from the doctoral loan.
120x12=£1440 per year repaid.
1440x30=43,200 repaid over 30 years, despite taking a loan of £29k. eh?
Do I just bank the ~29k? Do I stick it in a stock market tracker? Do I use it for a house deposit? Pay off my 20k outstanding on a car?
Or will I be paying more in interest overall if I take the loan, than if I did not take the loan.
No partner, no home ownership, no glamourous life at this stage.
thanks,
(edited 1 year ago)
Original post by Cookieeater
Hi! Did you end up going with the loan? I'm now in the same predicament
Bumping a 10-month old thread for account that hasn't been used since.
Original post by Surnia
Bumping a 10-month old thread for account that hasn't been used since.
I took the loan anyway but the interest is now 8%. Still not sure if it is worth it or not. My graduate salary will be about £50k.
Original post by dr.dangerous
I took the loan anyway but the interest is now 8%. Still not sure if it is worth it or not. My graduate salary will be about £50k.
why did you take the loan and what did you do with it in the end?
Original post by Kutie Karen
why did you take the loan and what did you do with it in the end?
i took it because i was eligible for it. Thought of it like my undergrad loan, only contigent on your salary rather than say a car or house where it can get repossesed. It's just sitting in my account, thinking about a contribution to a house deposit.
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