Student Loan Conundrum Watch

This discussion is closed.
JackieS
Badges: 2
Rep:
?
#1
Report Thread starter 13 years ago
#1
Hi! I was just wondering what people's idea would be about the following:

I'm a graduate going to do another degree and i currently owe 11500 in student loan debt. Because of the next degree I'm doing I am entitled to a NHS bursary which lowers my student loan entitlement to 1500 a year, therefore 4500 over 3 years.

Is it worth me taking out the 4500 even though I know that I don't need it to live on..........I was thinking of taking it out and putting it in a savings account......that would bring my total debt to 16k approximately by the time I've finsihed my degree..........but the 4500 would be very handy once I've finsihed becayse my fiance and I plan to buy a house once my degree is over - and taking 4500 from student loans company is better than 4500 from the bank

What does everyone think>
0
Kalypso
Badges: 1
Rep:
?
#2
Report 13 years ago
#2
It's the cheapest loan you'll ever be able to get, so I'd say go for it! There isn't much harm in taking the loan and putting it in a savings account - even if you don't want it in three years time you can pay it back immediately and not have to worry about it. If you think the money will come in useful, it's far better to take it now and build up £4500 worth of student debt than to take out that amount as a commercial loan in a few years time!
0
visesh
Badges: 17
Rep:
?
#3
Report 13 years ago
#3
(Original post by JackieS)
Hi! I was just wondering what people's idea would be about the following:

I'm a graduate going to do another degree and i currently owe 11500 in student loan debt. Because of the next degree I'm doing I am entitled to a NHS bursary which lowers my student loan entitlement to 1500 a year, therefore 4500 over 3 years.

Is it worth me taking out the 4500 even though I know that I don't need it to live on..........I was thinking of taking it out and putting it in a savings account......that would bring my total debt to 16k approximately by the time I've finsihed my degree..........but the 4500 would be very handy once I've finsihed becayse my fiance and I plan to buy a house once my degree is over - and taking 4500 from student loans company is better than 4500 from the bank

What does everyone think>
Well it is a very low (inlaftionary rate) interest loan, which only needs minimal replayment (starting from £7 a month IIRC) when you start earning £15k. If I were you, I would GO FOR IT! IMO the first few months/years after uni will be the hardest, and anything you can do to help it would be great!
0
JackieS
Badges: 2
Rep:
?
#4
Report Thread starter 13 years ago
#4
(Original post by grey faerie)
It's the cheapest loan you'll ever be able to get, so I'd say go for it! There isn't much harm in taking the loan and putting it in a savings account - even if you don't want it in three years time you can pay it back immediately and not have to worry about it. If you think the money will come in useful, it's far better to take it now and build up £4500 worth of student debt than to take out that amount as a commercial loan in a few years time!
Well thats what I thought, but the interest on my currenlyt loan about 30 quid a month and I won't be paying that back until I've finsihed because I won't be working/earning enough to pay it...............do I really want to increase my interest payments even more?
0
Kalypso
Badges: 1
Rep:
?
#5
Report 13 years ago
#5
(Original post by JackieS)
Well thats what I thought, but the interest on my currenlyt loan about 30 quid a month and I won't be paying that back until I've finsihed because I won't be working/earning enough to pay it...............do I really want to increase my interest payments even more?
But if you are thinking about a bank loan in a few years time anyway, wouldn't the interest on a student loan still be significantly less?
0
JackieS
Badges: 2
Rep:
?
#6
Report Thread starter 13 years ago
#6
(Original post by grey faerie)
But if you are thinking about a bank loan in a few years time anyway, wouldn't the interest on a student loan still be significantly less?
very true

I suppose 16k after two degrees ain't so bad when you consider some come out with that after one degree!
0
Checking for Spies
Badges: 2
Rep:
?
#7
Report 13 years ago
#7
Yep I'm prob gonna be that much in debt after my first year lol
0
X
new posts
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Were you ever put in isolation at school?

Yes (281)
27.5%
No (741)
72.5%

Watched Threads

View All