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Student loan, not used, what shall I do
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Hello,
I have been approved a doctoral student loan for 27k, and I do not NEED it. Sure 8k rather than the full 27k would help with living expenses but I have made changes to my life such that I don’t need the loan after I made the changes.
How should I use this effectively? Or do I simply cancel the student loan and repay back the amount back to the student finance England.
Part of me thinks I should use it to pay off any outstanding debts which I am managing at the moment.
regards
I have been approved a doctoral student loan for 27k, and I do not NEED it. Sure 8k rather than the full 27k would help with living expenses but I have made changes to my life such that I don’t need the loan after I made the changes.
How should I use this effectively? Or do I simply cancel the student loan and repay back the amount back to the student finance England.
Part of me thinks I should use it to pay off any outstanding debts which I am managing at the moment.
regards
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Comments
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Well you don't have to pay student loans back until you've finished studying and even then you don't have to start paying back until you earn £21k, according to government information - so it would make sense to accept the £27k as that has to last you for the three years you're meant to be studying.
https://www.gov.uk/doctoral-loan
You could always put the loan into a savings account but seeing as it's already been approved, you may as well accept, especially as you don't know what may happen - or what financial help you may need - within the three years ahead.Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.2 -
Even if you use it to pay debts off you still kinda owe rhe money back in a way.
Plus you never know what will happen during course of study..Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £58,108
Cc around 8k.1 -
id say keep it and invest. but you arnt actually going to recieve it are you?? ...or at least most of it, from what i remember student loans are checked on enrolment details and if you arnt attending a course you wont get your instalments??0
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The OP didn't say they were going to stop studyingh00vertime said:id say keep it and invest. but you arnt actually going to recieve it are you?? ...or at least most of it, from what i remember student loans are checked on enrolment details and if you arnt attending a course you wont get your instalments??0
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