should i get a student finance maintenance loan even though i don’t need it

Niv

ARH_2 said:

Niv said:

Why are some suggesting the bursary will be paid back? Bursaries are like grants, they do not get paid back. 

True - the extra borrowing the OP has the option on is £9,000 x 3 years = £27,000, rather than £30,000 that I'd stated. thanks for this. 

This thread really boils down to a point Martin mades publically and often: Is a plan 2 loan really a loan? Answer: It depends, and is far too complicated.

It wasn't you that suggested there could be £60k debt after 3 years (I wouldn't pick someone up for rounding up £27k to £30 for the sake of simplicity)

sophia1803

thanks everyone for the input, over a month later i’ve applied confirmed my tuition fee loan but have no applied for maintenance loan and do feel quite unsettled about it. don’t want to just apply for the maintenance loan out of worry but yes it really is a tricky decision 

Shakin_Steve

Niv said:

ARH_2 said:

Niv said:

Why are some suggesting the bursary will be paid back? Bursaries are like grants, they do not get paid back. 

True - the extra borrowing the OP has the option on is £9,000 x 3 years = £27,000, rather than £30,000 that I'd stated. thanks for this. 

This thread really boils down to a point Martin mades publically and often: Is a plan 2 loan really a loan? Answer: It depends, and is far too complicated.

It wasn't you that suggested there could be £60k debt after 3 years (I wouldn't pick someone up for rounding up £27k to £30 for the sake of simplicity)

No, it was me, and I'm right. The OP wasn't talking about bursaries, they were talking about taking a maintenance loan which, of course, has to be paid back. My son is starting his fourth year in September. So far he has had 4x£9250 and 4x£4000= £53000. But he can only get a maintenance loan of £4000, the top whack is around £9000, I believe.

Dr_Crypto

In the old days people used to take the loans* and then use them for their house deposits a few years after graduating. I think the interest rates on the new loans are so high that it isn't worth it now. 

*Plan 1 loans with very low interest.