Student Finance v Loan

Beazeley

Struggling with finances atm and have been paying son's accommodation fees up to now (about £1400 per term). Is it better - more cost effective - to pay fees through student finance compared to getting a loan?

AnotherJoe

It depends on how much your son will earn. If he ends up in a low paid job then he'll never have to pay anything back so obviously that will be cheaper. If he's going to be in a high paying profession AND you can get a loan at less than 6% or so then that will be cheaper.
You are probably best off to take the student loan. If he is in a high paying job later he can pay it off not you !

silvercar

Does your son have a tuition fee loan? If so then by taking a maintenance loan, the total amount will increase but repayments will stay the same.

If he eventually earns enough to be repaying the loan in full, then it means he will be paying back for longer, but otherwise the loan eventually gets written off, so it may actually not cost anything to take a maintenance loan.

All depends on his long term earnings potential.

meer53

Would your son be eligible for a Maintenance Loan ? What is your household income ?