Benefits of taking my 3rd year maintenance loan vs using savings

For the first two years of university I have taken a full maintenance loan alongside work and some money from parents to fund my day to day and increase my savings. However this summer I have undergone an internship earning around 6000, alongside my existing savings of around 8000 I think this will definitely be enough to cover my next and final year at university without taking a maintenance loan. Although I have been debating this.

On one hand I have a grad job lined up at a consultancy earning around 35000 which will likely increase as I progress and I’ll probably be a ‘high earner’ so to say. Which makes taking out the loan less attractive.

On the other hand I’m considering taking the loan and using it as a push towards a house deposit after university, and to be able to enjoy myself in my final year and cover next summer where I won’t be working.

I just wanted to get people’s thoughts and opinions on this. I have already applied for the full loan but believe it can be changed. Any recommendations or past experiences people have had would be really useful.


  • silvercar
    silvercar Forumite, Ambassador Posts: 45,912
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    I can see both sides. If you take it, you will be paying it back with interest, but if you can use that money for a specific purpose you may consider it worth doing.
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