Do I take a loan out?

Right, Ive got a problem.

I can't send my application form away to SAAS - Scottish funding agency - because I can't decide whether or not to take a loan out.

Basically, I won't be needing any money. Im getting an allowance every month and as I am staying at home and have my tution fees paid for me by the Scottish government, I should have enough cash.

I don't really want to be paying the money back once I have a job, but my loan amount won't be too much i.e. less than a grand.

Whats your advice/opinions on this?

Thank you.

Reply 1

mr_tomus

1

take a loan out and put it in a bank account to get interest, or even an investment account of some sort where you cant easily get hold of it. That way you will have money the money to pay back in a lump sum, any money for emergencies and you may even make money through the interest it accumulates. I would definately take out a loan in your situation.

Also, I dont know if it is the same for scotland but in England it is possible that you may have to pay the full tuition fee cost of like £12000 per year if you do not take out a loan.

Reply 2

Ding Dang Doo

Take it out and gamble with it, if you lose, you will only be in the same situation as everyone else, but if you win...

Reply 3

REME-Bod

1

Depending onthe APR of the loan offered, it may be worthwhile taking it and putting the cash straight into a high interest - easy access account.

You need to ask yourself a few things...

How much do I need?

How much can I afford to repay?

Do I need to access my money quickly or with little notice?

Can I save the same amount in the same time?

These factors should help you decide whether to go for a standard bank account, an investment plan, or a high interest web account. Whichever you decide, you will have monthly repayments to make, so make sure you budget for them.

As a matter of interest, do you not qualify for student loans and interest free student overdrafts? They're a good source of capital to tuck away into a high yield account and get a few quid interest for nothing. (You have to be disciplined enough not to dip into it for a few beers though).

Reply 4

nas7232

19

im not getting one. If you dont need one, done get one. You may be tempted in wasting it, and when you start earning money when you're older you may regret having the burden on your shoulders.

Reply 5

sb1986

8

you could take a loan and give it to everton fc theyll need it nex season after they get relegated

Reply 6

Comp_Genius

4

mr_tomus

take a loan out and put it in a bank account to get interest, or even an investment account of some sort where you cant easily get hold of it. That way you will have money the money to pay back in a lump sum, any money for emergencies and you may even make money through the interest it accumulates. I would definately take out a loan in your situation.

Also, I dont know if it is the same for scotland but in England it is possible that you may have to pay the full tuition fee cost of like £12000 per year if you do not take out a loan.

how is this true, you dont have to take out a loan if you don't want to!

Reply 7

ThePants999

14

Yes. YES. yes. YeS. yES. yeS. YEs. yEs. There you go, eight votes in favour. Take out the maximum loan. Save what you don't need. Bingo, free money. If you don't want to be worrying about paying it back later, you can give it all back in one go whenever you want with no penalty - but I don't advise that, for exactly the same reason. Take whatever they'll give you and keep it as long as you can for maximum benefit.

Do I take a loan out?

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