Student Finance... is it worth applying for maintenance?

hamzramz

I am about to send off my student finance application, I've done most of it, just on the parent support bit. I am confused about whether I need some of the finance.

There are two types of loans offered in student finance, there's the tuition one, for unis and stuff, that obviously I will apply for.

But do I need to, or is it worth applying for maintance loan? I'm not moving into University, as my two unis are local and I can get to them via the bus. Being a moneysaver, I would probably not apply fot maintenance, but I received EMA and I would be eligable for the maintenance grant. If I don't apply for the maintance loan, so I only apply for the tuition loan, would I be throwing a grant away? Would I not get the maintenance grant if I don't apply for the maintenance loan?

glider3560

You don't have to have the maintenance loan - but it can work to your benefit.

Next year, the loan's interest rate will be 0%. That means that you can put the loan into a savings account and earn interest on it (i.e. profit!)

Also, it can work out as very cheap borrowing if you need a loan in the future (e.g. for a car or towards a deposit on a house).

hamzramz

glider3560 wrote: »

You don't have to have the maintenance loan - but it can work to your benefit.

Next year, the loan's interest rate will be 0%. That means that you can put the loan into a savings account and earn interest on it (i.e. profit!)

Also, it can work out as very cheap borrowing if you need a loan in the future (e.g. for a car or towards a deposit on a house).

I know, but will I still get the maintenance grant even if I don't apply for the maintenance loan?

glider3560

hamzramz wrote: »

I know, but will I still get the maintenance grant even if I don't apply for the maintenance loan?

Yes, you will