Student Finance

I'll be living at home for university so I only applied for the tuition fees as getting a maintenance loan just means more debt with interest. Is this a wise move or should I just apply for maintenance too?

Reply 1

normaw

Clearing and Applications Advisor, Universities Forum Helper

19

Original post by Hidden77

I'll be living at home for university so I only applied for the tuition fees as getting a maintenance loan just means more debt with interest. Is this a wise move or should I just apply for maintenance too?

It depends if the money would be more useful to you in the short term (to save for a deposit, etc. if you don't need to spend it for uni) and your expected earnings when you graduate. The following article is worth a read:

https://www.moneysavingexpert.com/students/student-loans-2023/

Reply 2

Growwest

1

Original post by Hidden77

I'll be living at home for university so I only applied for the tuition fees as getting a maintenance loan just means more debt with interest. Is this a wise move or should I just apply for maintenance too?

Wise move and not enough people are aware of it. You can check this out by ringing the SF helpline. They will tell you that it's good not to saddle yourself with unec costs for the future BUT>.. if at ANY point you decide you need to move out/ need the maintenance loan - you can apply for it at any point in your course over the 3 years.
Nice one on thinking outside of the box!

Reply 3

Hidden77

OP

4

Original post by Growwest

Wise move and not enough people are aware of it. You can check this out by ringing the SF helpline. They will tell you that it's good not to saddle yourself with unec costs for the future BUT>.. if at ANY point you decide you need to move out/ need the maintenance loan - you can apply for it at any point in your course over the 3 years.
Nice one on thinking outside of the box!

Thanks just tryna minimise the debt as much as I can especially since I'm staying in London the loan might be nice in the short term but long term no

Reply 4

Growwest

1

Original post by Hidden77

Thanks just tryna minimise the debt as much as I can especially since I'm staying in London the loan might be nice in the short term but long term no

Yeah and sadly, the unis don't want to encourage this cause they make £ from people living in studentland even when they don't live that far away and could commute. Good thing about London too, is that the transport network is so much better for if you decide you want to do lots of nights out, honestly - good luck with it! :-)

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