Spare student loan money..

[Chives]

Afternoon gents. I have found myself in a position where I have a lot of my student loan left over and I very rarely need to dip into it to avoid myself needing an overdraft. It's quite a lot of money (into the mid thousands) and I was wondering what best to do with it. Its currently sat in one of those online e savings accounts with 0.1% interest . What is the best thing to do with it? I know very little about these matters

 

[ivrytwr3]

all on red.

 

[malfunkshun]

Pay it off your student loan?

 

[yer_averagejoe]

all on red.

YOLO

 

[{SAS}TB]

Student loan money left over?

You're doing it wrong ............

 

[Chives]

Student loan money left over?

You're doing it wrong ............

My family very kindly send me a a bit of money my way as well, which usually leaves me with no need for the loan, at least for day to day living expenses

 

[Glaucus]

Safe high interest savings account for a house deposit in ~6 or so years
Medium risk high interest savings account & funds/shares for a house deposit in ~6years or so years
High risk funds/shares for a house deposit in ~6years or so years

And any extra money keep adding to it, and when you start work put a little money in every month.
You think it's not worth it, but so many people, myself included regret not doing it. Even £50 a month is better than nothing. It soon adds up by your late 20s.

 

[Deus Ex]

Start a business.

 

[Chris [BEANS]]

Pay back the loan! Future without debt is the way forward.....

 

[Glaucus]

Pay back the loan! Future without debt is the way forward.....

Absolutely do not do this. Unless you own your house outright.
It is a very cheap and risk free loan.

 

[monkeypants]

I think if you didn't pay it back now and don't need the cash at all then you'd look back in 5-10 years and wish you had paid it off. However, it's nice to have a bit of an emergency fund so perhaps consider paying back two thirds of what you have left.

 

[Chives]

Pay back the loan! Future without debt is the way forward.....

I have heard it is better to make use of the loan...

Absolutely do not do this. Unless you own your house outright.
It is a very cheap and risk free loan.

Indeed. Heard from several people that it is 'the best loan you will ever get'

Safe high interest savings account for a house deposit in ~6 or so years

Something like this is what I had in mind. Now to find the best one

 

[Tobywon]

Go traveling with it and see the world. I have £45,000 student debt and am currently in Malaysia. It's great!

 

[Kenai]

Put it in savings, use it towards a house deposit.

You would struggle to get the equivalent amount back as additional mortgage value in the future if you just paid it back so to speak.

 

[Terminal_Boy]

Absolutely do not do this. Unless you own your house outright.
It is a very cheap and risk free loan.

What ^ he said. Thanks to your folks and your not wazzing it up the wall, you've got a chance to use the loan to your advantage.

 

[Skeeter]

Make it work for you. A student loan is the cheapest loan you will ever have. Putting it in some high interest savings to use as a house deposit later is a good call.

Paying a student loan off early is a foolish thing to do for the majority of people.

 

[Deleted member 66701]

Make it work for you. A student loan is the cheapest loan you will ever have. Putting it in some high interest savings to use as a house deposit later is a good call.

Paying a student loan off early is a foolish thing to do for the majority of people.

+1

I've taken all the maintanence loan I can, I don't spend any of it so I've and chucked it into an stock options based investment plan that's currently returning 8% p.a (of course I could lose all of it at the drop of a hat but meh).

 

[phil675]

I'm in a similar situation, I bought a motorbike.

 

[Caged]

Ah yes, those high interest savings accounts such as

 

[FlapR]

Same answer as a few others. High interest savings account to use for a deposit on a property.