Graduate Loan... can I use it to my advantage?

gingerpixie_2

Hi I'm new here so please go easy on me. :-/

I graduated 3 years ago and this is the last year I can get my graduate loan. I've been reluctant to get it because I don't want to feel I'm in any more debt than I already am... so I was wondering if there was a way I could put my loan into a savings account with a high interest and gain money? The graduate loan is from HSBC. Does anyone have any ideas where I can put it into savings of a higher interest rate or should I pay off my Student loan with it? Any ideas?

Clueless ???

Freddie_Snowbits

Excellent Idea is to use the Grad Loan, if it is at 0% ish and put it into a nice, no notice deposit account. Transfer the money from this every monthto meet the payment. At the end of the year you should have a little bit of interest. Not quite money for old rope, but if you get £5000 at 0% you should be anle to make around 200 smackers in time for chrimbo 2005! ;D ;D ;D ;D

Woby_Tide

The majority of graduate loans are at rates over and above most savings accounts bar a very few targetted at certain professions/graduates, I'd be surprised if you can make much money out of it personally unless you can get a rate less than 4% probably

Robert_Sterling_3

Pay off your Student Loan only as an when you are required to do so.
Meanwhile if you can keep the money with which you could pay it off in a No Notice mini cash ISA.

charlie12

HSBC's graduate loan is at 7.9% so it definitely won't be worth it. Steer clear, and maybe start stoozing with 0% credit cards if you want to make some dosh

gingerpixie_2

Thanks for the advice everyone. I've decided it's a bit of a waste of time.
Happy money saving!!!