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Spend or Save my maintenance loan?
phoebeness
Posts: 1 Newbie
in Loans
Due to coronavirus, I've been given my third installment of my maintenance loan (£3k) but I haven't had to spend it as my accommodation rent was suspended. I haven't spent my maintencance loan, would I save more interest repaying it or earn more interest in investing it?
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Comments
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Investing does not earn interest and you need to know the basics and risks of losing the capital before going down that route. Saving it in an ordinary savings account will earn interest but minimal due to low interest rates. My feeling would be to repay it if there is a mechanism to do that.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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