Student loan- should I take it or leave it?
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I am entitled to £11k student loan for the past academic year. I did not previously claim the loan as I am working and don’t need the money. So I saw no point in paying interest unnecessarily. But with the cost of living crisis looming I am now wondering if I should take it ‘just in case’. My husband died a year ago and was the main income earner. I am now on my own with two kids- one about to go to uni herself. I will graduate this year so there will be no other opportunity for me to access those kind of funds. Should I take the loan as a safety net? I know you don’t have access to my financial information in order to judge but, let’s say I lost my job next week- I could probably survive for about 6-9 months without being completely done for.
I wouldn’t be considering a loan from a bank but given the fact I may never even fully repay this loan it is a different proposition.
Thanks for any advice.
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Just dismissing it without that investigation could mean giving up essentially free money as you will never have to pay it back, but equally leaving you with a debt at higher interest that you will be paying back for years.
OP - this is worth a read.
Student loans: the truth about uni fees, loans & grants - MSE (moneysavingexpert.com)