Does Martin's advice to take the full Student Loan available apply in Scotland too?

amclarke0710

Martin is really clear that students who take their full loan often never pay it all back, so they should take the max.   

My question is, would this also be good advice in Scotland where the typical Student Loan debt is often much lower (4 years x £4,750), so I'm presuming its likely most students will repay that over the next 30 years.

Or, really, should I encourage my kids to not take a Student Loan because it's a *blinking* expensive way to borrow money!!   

D924

I believe it would be especially applicable since the interest rate is capped at BoE+1%.

MalMonroe

I don't think it really is an expensive way to borrow money at all. I took out the maximum loans when I started as a full time undergraduate student when I was 48(!) Three years later I graduated with a 2.1 BA Hons. After that I never earned above the threshold, so I never paid anything back and it was cancelled when I reached pension age of 65. 

The link below contains very helpful information -

https://www.mygov.scot/repay-student-loan