Student loan

[C2james]

This year I'm going to university to study music, because I'm doing music I would like to get a new guitar, so could I ask for a bit more of my student loan or would I only get enough money to pay for the course and accommodation?

[MiniMan64]

Take everything they offer you, cheapest loan you'll ever get your hands on.

[davepoth]

Indeed. Take the whole thing, and bung anything you don't need in a savings account. There are ISAs on offer that are paying above inflation, so you'll actually be ahead on the interest, making it effectively free money.

[Ross1988]

You can't just as for a bit more, you can get a means tested loan, if your 'rents don't earn over x amount you can get more, or if you are a mature student you get some more.

[davepoth]

Ross1988 said:

You can't just as for a bit more, you can get a means tested loan, if your 'rents don't earn over x amount you can get more, or if you are a mature student you get some more.

But if he's flush he may not "need" the whole amount he's been allowed.

[edition]

It may be the cheapest loan you will ever get but I would still take the minimum you need.....

[al1991]

No.

Do what everyone else does and spend your normal loan on a guitar/car insurance/booze/drugs whatever.

Then wonder why you're so skint

Edited by al1991 on Tuesday 4th January 15:19

[C2james]

al1991 said:

No.

Do what everyone else does and spend your normal loan on a guitar/car insurance/booze/drugs whatever.

Then wonder why you're so skint

[footnote]Edited by al1991 on Tuesday
4th January 15:19[/footnote]

yeah, that's what I want to avoid.

[MiniMan64]

I took mine this year for a PGCE and will be hoping to get a car, part of a wedding, a honeymoon and some money to live off next summer (before I start teaching) out it.

[Mattt]

edition said:

It may be the cheapest loan you will ever get but I would still take the minimum you need.....

Why?

[C2james]

im going to try and get everything i can, within reason of course because i dont want to be in too much debt.

[Cyder]

edition said:

It may be the cheapest loan you will ever get but I would still take the minimum you need.....

Why not? If you take the maximum and save it you could keep the excess invested until the amount owed = amount held in savings and pay it off having made a few bob in interest.

It nevers affects your credit profile so there is no disadvantage at all to taking it.

And even if you do take it all out it's hardly a life changing sum that is deducted from your salary each month, I start paying mine back in April at the princely sum of around £90/month. (9% on earnings over £15k iirc)

[princeperch]

I don't regret getting mine, but be warned that it is a bit of a millstone round your neck.

As a trainee solicitor on 18k I was paying back something like 20 quid pcm. Three years on, the SLC are taking 275 quid a month off me.

What I never had, I never missed I guess...

ETA I didn't invest it I basically spent the lot on beer :/

Edited by princeperch on Thursday 6th January 22:19