what to do with remaining student loan??

the_devil_made_me_do_it

Luckily, due to good money management & cutting down spending, I have a decent sum of money left over from 07/08 student loan.

Any good savings tips??

Blacksheep1979

don't spend it on rubbish?

St8_2

the_devil_made_me_do_it wrote: »

Luckily, due to good money management & cutting down spending, I have a decent sum of money left over from 07/08 student loan.

Any good savings tips??

Put it in the best savings account you can, see the savings account article on this site for the best interest rates. What year are you in? If you have a couple of years left and can save some every year you may have a good sum at the end when you leave uni which will come in handy.

A tip - presuming you don't earn enough money to pay tax as you are a student, finding the best savings account is better than an ISA. ISAs are great for tax payers as with them you don't pay tax on your interest. But seeing as most students aren't tax payers theres no advantage to ISAs, so go for the higher interest. This tends to be savings accounts rather than ISAs.

the_devil_made_me_do_it

I'm in my first yr. Hopefully, if I pass the exams, I'll go into second year when Uni starts again in October.

mshappy

Stick it in an Isa.Thats what my oh has done for the last few years.He finishes in June and with the remainder i think his planning to buy a car.

St8_2

If your not paying tax, stick to what ever pays the higher interest (savings accounts) as theres no advantage to ISAs unless you pay tax.

Lokolo

St8 wrote: »

If your not paying tax, stick to what ever pays the higher interest (savings accounts) as theres no advantage to ISAs unless you pay tax.

Depends how long you're planning on keeping it in there actually... If you are going to pay tax in the next year and you want the savings for longer then clearly an ISA is worthwhile

St8_2

Lokolo wrote: »

Depends how long you're planning on keeping it in there actually... If you are going to pay tax in the next year and you want the savings for longer then clearly an ISA is worthwhile

Not really, put it in the ISA when you start paying tax. A years along time. The op is in the frist year anyhow so my advice still works out best.

bryanb

St8 wrote: »

Not really, put it in the ISA when you start paying tax. A years along time. The op is in the frist year anyhow so my advice still works out best.

Wrong! If you put it into ISA now and when paying tax you will have more savings sheltered from tax, Assuming long term saving.

St8_2

bryanb wrote: »

Wrong! If you put it into ISA now and when paying tax you will have more savings sheltered from tax, Assuming long term saving.

Ah yes, as you can save X amount per year.

melancholly

the_devil_made_me_do_it wrote: »

I'm in my first yr. Hopefully, if I pass the exams, I'll go into second year when Uni starts again in October.

off topic i know, but does this mean things are better on your course now? hope so!