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Further education

You'll find discussions about A Levels and universities on our Further Education forum.

Original poster

Self funding v Student loan, Uni 2019

29 replies

Shimy · 14/01/2019 17:14

As the title says; Is there anyone here whose DC will not be getting a student loan to finance their maintenance but will be self funding? Dh has suddenly announced dc will not be getting a loan as he doesn't want him having hefty debt when he graduates. Does this make sense? does the loan process in itself not activate the payment of the student's tuition fees?

OP posts:
Original poster
Shimy · 14/01/2019 18:00

Is it possible to get the loan for tuition fees but not for maintenance? sorry, we're new to all this.

OP posts:
ShalomJackie · 14/01/2019 17:38

Despite thinking my older DS might never earn enough to repay it off he is and his monthly payments are really high. Alrhough the loan does not impact his ability to get a mortgage on multiples the actual repayments are taken into account when they do affordability checks. Yes we appreciate he is doing well and a high earner etc but with hindsight we would have self funded. We arw helping him financially in other ways. For our youngest he will definitely not be having any student loans as his proposed career would be high earning and we will not put him through what the eldest has gone through.

We realise and appreciate that we are lucky enough to have the choice before we get slated.

GahWhatever · 14/01/2019 17:30

If you can get a student loan you should. It's a loan which does not impact your ability to get a mortgage and in the vast majority of cases is not paid back as the jumping off point is so high compared to average wages.

Even if your DC don't need the loan if they are eligible they should take it and invest it.

Martin Lewis explanation is good. But although it is called a student loan it's a GRANT that you pay back only if and when you can. Otherwise your ability to get one wouldn't be means tested.....

StartedEarly · 14/01/2019 17:23

No point in getting a loan for fees and not for maintenance as it won't affect the repayments. You pay back according to what you earn not according to what you owe.
Martin Lewis explains it here

Lots of previous threads on Higher Education about this