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Should I get a student loan even if I dont need it?
purplebanna
Posts: 39 Forumite
I'm doing a placement year at the moment and dont have a student loan (for this year), is it worth applying for one anyway for the added interest in my account? Or would I be pointlessly adding to my existing debt. I'd get £2,300 loan in 3 installements and they'd pay my £600 "tuition" fee for the year.
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Comments
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It's worth taking the £2,300 maintenance loan but if you can pay for the £600 tuition fees you should do so without taking the loan. As long as you're not tempted to spend it!
The interest rate on the loan is 0% this year. An instant access savings account would be best for you.0 -
I'd say go for it. It's a free loan in real terms basically, even though the interest when you put it in savings won't amount to much right now. Could come in handy as a rainy day fund.0
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As you say, 0% interest, and even when it does go up its only with inflation. So really I was just looking for some closure.0
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Why is your tuition fee only £600?0
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Oldernotwiser wrote: »Why is your tuition fee only £600?
If the OP started before top up fees came in - if you do a year abroad (and i assume from this post a sandwich year) in 2005 or before you only pay half price tuition fees for that year you are not at your university. £1255 (well thats what they were for me last year) halfed is roughly £600.0 -
Hi,
I started after 2006, and I am now doing a placement. Unfortunately my university is a robbing !!!!!!! and charge students doing a placement a "admin" fee and "medical insurance", coming over £600.
Its a disgrace, even if you found the placement yourself you still have to pay the admin fee!0 -
Is your university in the UK? It seems odd to have to pay medical insurance if it is...0
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Yes it is. To be honest, its a con. Medical insurance my !!!!.0
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I took out a loan when i was in uni, going back about ten years ago now and at the time i didnt need it either. I was living at home with me olds and working part time, but close to full time hours. I did it for the two reasons stated above, to have it gaining me interest (not sure how much i got) and for a rainy day.
The thing that you have to be careful of though is that you are strong and dont waste it. I did not touch it at all through the three years that i was there, but then when i left and was tsuck in a naf job i ended up quiting and living off/ wasting the money!0
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