Take loan or not?

GA7_2

I'm going to University in London this September. My family home is in London but I'm planning to live out in a room at a maximum of £130 a week. Will have a part time job that pays a solid £500 a month after tax. In essence my job will pay my rent. Food & transport & similar expenses will count for very little as I'll be home lots & cycle everywhere etc ... so those expenses will be small.

Now I estimate I will have about 13-15k savings by the start of Uni.

I'll also get £3,354 maintenance grant + a 2k bursary from my Uni ... meaning 5.3k

So 13-15k in the bank + £5.3k over the year + £500 monthly income from work guaranteed.

Take a maintenance loan or not? Any benefit? Will that money come in handy considering I'm very shrewd with my money (hence my fair chunk of savings at 22 years of age) ... or will it be a burden that will see my interest repayments soar later on?

xylophone

http://www.guardian.co.uk/education/2012/feb/16/student-loans-payoff-penalty-scrapped might be worth a read.