We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Student loan or no student loan?
Hello,
First time poster here, so apologies if this is in the wrong place/been asked a million times etc. I'm just looking for a little advice...
I've hit some confusion regarding student loans. I graduated in 2008 and have around £12,000 left to pay off my student loan (it's one of the ones that is wiped out when you turn 65, I'm currently 31).
But, I am starting a teacher training course next September and will be eligible for £9,000 loan to cover the fees plus a maintenance loan of just over £8,000. My original plan was to save every penny I could in the next year to cover the fees and then live very cheaply the following year to avoid taking any loans, but I've just started to wonder whether getting the loans would be the better option. What has really made me think about this is that we plan to move home asap after I am fully trained, so that the extra breathing room afforded to us by the student loans may mean we have a much larger deposit to put down on our next home - so I guess it basically comes down to whether it would be better to have this debt on a student loan or a mortgage?
I hope that all makes sense. I'm just a little confused with the best option. The student loan route does look appealing, but I have always avoided debt wherever possible!
First time poster here, so apologies if this is in the wrong place/been asked a million times etc. I'm just looking for a little advice...
I've hit some confusion regarding student loans. I graduated in 2008 and have around £12,000 left to pay off my student loan (it's one of the ones that is wiped out when you turn 65, I'm currently 31).
But, I am starting a teacher training course next September and will be eligible for £9,000 loan to cover the fees plus a maintenance loan of just over £8,000. My original plan was to save every penny I could in the next year to cover the fees and then live very cheaply the following year to avoid taking any loans, but I've just started to wonder whether getting the loans would be the better option. What has really made me think about this is that we plan to move home asap after I am fully trained, so that the extra breathing room afforded to us by the student loans may mean we have a much larger deposit to put down on our next home - so I guess it basically comes down to whether it would be better to have this debt on a student loan or a mortgage?
I hope that all makes sense. I'm just a little confused with the best option. The student loan route does look appealing, but I have always avoided debt wherever possible!
0
Comments
-
Adding a debt to a mortgage is never a good thing - you will end up paying a lot more for it in the longer term. You also need to take into account your student loan liabilities - payments / total amount etc as it's possible these figures will be looked at when you are moving home.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards