Saving money fom the student loan and grants

ZAMIN

Hi

Is it ok to save all the money recived form the studnts finance if you did not need to spend it?
I Claimed to use the money from studnt finace but i ended up saving it. is this OK or not.?

Maggie.Moo_2

As long as you are entitled to the money, yes it's perfectly fine. I myself have quite a lot of money saved from my loans/grants as I have relatively low living costs but I understand excess student income is very rare (although I've seen friends waste a huge amount of money while struggling to pay bills which is infuriating).

My friend's dad made a really good point: any excess student money (including interest free overdraft) should be put straight into a high interest savings account and after your student status ends years you'll have a nice sum of free money (from interest) after giving the rest back I was rather ignorant about the interest on my student account until recently so I've missed out on some nice free money but I am far more aware now!

[Deleted User]

with interest rates so low its debatable after all £1000 will at best earn you £20 a year interest