Shall I take out a maintenance loan more than the minimum

5

I’m currently applying for undergrad student finance to start uni in September this year, I will receive the £5k grant due to doing a healthcare course. I’m confused on whether I should take a maintenance course higher than the minimum amount as I qualify for the maximum. I will be living at home with parents. Some have told me I might aswell take the maximum as nobody ever pays all their student loans back and they only take a specific percentage away regardless. What do u think?

Reply 1

normaw

Volunteer Section Leader, Clearing and Applications Advisor

20

Original post

by Z.MEMAR

I’m currently applying for undergrad student finance to start uni in September this year, I will receive the £5k grant due to doing a healthcare course. I’m confused on whether I should take a maintenance course higher than the minimum amount as I qualify for the maximum. I will be living at home with parents. Some have told me I might aswell take the maximum as nobody ever pays all their student loans back and they only take a specific percentage away regardless. What do u think?

Have a read through the following article as it explains how plan 5 loans and repayments work:

https://www.moneysavingexpert.com/students/student-loans-england-plan-5/

Although you will be living at home, consider your placement locations and if you will need to pay for accommodation. To claim back additional accommodation expenses from the NHS LSF, you need to already be paying for accommodation at uni.

Is is worth claiming the additional loan and saving that to help you become independent once you graduate? For example, to save for a deposit for a mortgage or to pay for driving lessons and a car?

Reply 2

LittleFire10

14

Original post

by Z.MEMAR

I’m currently applying for undergrad student finance to start uni in September this year, I will receive the £5k grant due to doing a healthcare course. I’m confused on whether I should take a maintenance course higher than the minimum amount as I qualify for the maximum. I will be living at home with parents. Some have told me I might aswell take the maximum as nobody ever pays all their student loans back and they only take a specific percentage away regardless. What do u think?

A lot of people actually do may back the full loan - so don’t make decisions based on the probability of you not doing it. You really need to just sit down and work out your expenses to see if you will need the maximum loan or not. Your parents may want you to contribute more to groceries etc. so make sure you have a conversation with them as well.

Shall I take out a maintenance loan more than the minimum

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