Should I self fund or get student loan for full amount

lcc86

I'm due to start a doctorate in September 2024. Currently work full-time and plan is to continue alongside. The course cost is just over 10k. My original plan was to use the student loan option to pay for the entire course, however by the end of the year I should have £4000 in savings. My original thoughts were to keep that money in case I need to reduce my work hours in future, but am now wondering whether its a better financial decision to use it towards study fees and borrow the remainder.

For context I already have  a Masters student loan with about £3000 left to pay, and I also earn well over the repayment threshold so will start paying any loan back immediately. 

silvercar

Depends what else you could do with the money or if you ever think you may need it. Once you decide not to have the loan there is no going back, or at least once the course has finished.

if you need an emergency fund, then I would take the loan. 

lcc86

silvercar said:

Depends what else you could do with the money or if you ever think you may need it. Once you decide not to have the loan there is no going back, or at least once the course has finished.

if you need an emergency fund, then I would take the loan. 

Thanks, I know applications for 24/25 aren't open yet so I have time to think. I was thinking that financially the less I have to borrow the better but also having my own buffer is always helpful. 

If I were to take the full amount but then decided to part-pay myself at any point, is there a way of paying some back? 

silvercar

lcc86 said:

silvercar said:

Depends what else you could do with the money or if you ever think you may need it. Once you decide not to have the loan there is no going back, or at least once the course has finished.

if you need an emergency fund, then I would take the loan. 

Thanks, I know applications for 24/25 aren't open yet so I have time to think. I was thinking that financially the less I have to borrow the better but also having my own buffer is always helpful. 

If I were to take the full amount but then decided to part-pay myself at any point, is there a way of paying some back? 

You can make voluntary student loan repayments at any point.