We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
student loan vs savings
Dot18
Posts: 29 Forumite
Eldest about to go off to University in Scotland. Tuition fees will therefore be covered but he'll get no grant as we're above the threshold as we both work. So he could take out a maintenance loan of £6000 +£2400 per year. However, he has savings left by a grandparent currently earning about 5% (though I expect that will go down). Is he better to use savings and stay debt free or take out the loan and keep savings for eg possiblility he might want to do a Masters course.
0
Comments
-
Are you in Scotland or England? As the treatment of the tuition loan is very different.
is he likely to have a high paying career? If not then it would be better to keep the savings.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Scotland - doing Geography so probably not huge earner but hopefully above the minimum threshold0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.5K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards