The Government-funded student loans available from the SLC are most students’ main source of income to cover the costs of living – somewhere to live, something to eat, something to wear, books, travel, beer money and maybe the odd matchbox Ferrari from any left-overs.
It’s only ‘income’ in the sense of being money available to students but, because, of course, they have to pay it back eventually, it's not the same as earning an income or wage.
Students don’t have to apply for student loans – but if you're in any doubt that you will manage to survive without it, then get it. Unless you're rich, it’s not possible to get through uni without the loan.
And it’s not even worth it. Even if you do have more money than all the oil sultans of Saudi Arabia, you should still try to get a loan because they’re the best official way of borrowing money that you’re ever likely to get. If you don’t need it, dump it into a high yield account and earn more interest on it then the low inflation-tied pay back rate. Should be worth several hundred quid over the years.
For most students, that option is as realistic as z-lister Big Brother contestants' hopes of making it big in the entertainment industry. Student loans are an inevitable necessity rather than a fall-back option. They’re what you’ve got to live on.
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