Student loan

Hi,
I’ve applied for a student loan but feel like it’s given me more than I need. Can I cancel or ask for a smaller amount?

Also for repaying do I have to call them up to create an account

Thanks

Reply 1

PS Reviewer

Original post by Nbruce301

You can repay excess loan immediately but you would be better off putting that excess into a savings account in case your estimates of how much you need turn out to be wrong and if they don’t then it’s better to have a useful savings for future years or when you graduate.

An extra few thousand pounds in savings in your 20s will benefit you far FAR more than repaying your loan at an affordable rate for a few extra months in your late 40s/early 50s.

Reply 2

Angela SFE

Official Rep

Original post by Nbruce301

Hi,
I’ve applied for a student loan but feel like it’s given me more than I need. Can I cancel or ask for a smaller amount?
Also for repaying do I have to call them up to create an account
Thanks

Hi there, Yes, you can reduce the amount of Maintenance Loan funding awarded if required. This would be done by selecting 'change your application' option in the online account or by completing a Maintenance Loan request form. When you enter Repayments we will use the current account that you have for Student Finance now. Thanks, Angela