The Martin Lewis Podcast Should you take a student loan? Martin’s five things you need to know about student finance
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Sep 25, 2025 Dive into the complexities of student finance with insights on tuition costs and the nuances of loan repayments. Discover how parental contributions can impact students, and why current interest rates may not tell the whole story. There's also an update on energy standing charges that aims to help low users. Plus, listeners share amusing accidental savings stories. Martin emphasizes that loans might be better left for future investments like a mortgage, and he explains how different repayment plans affect graduates based on their earnings.
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Statement Interest Can Mislead Graduates
- Interest added to loan statements is nominal and often scares graduates despite not matching what they'll actually repay.
- Many low-to-mid earners will never repay the full interest before the loan wipes.
Bourbon Whiskey For The Price Of A Biscuit
- Jane ordered bourbon biscuits but received a bottle of bourbon whiskey, paying only 50p.
- Martin and callers shared other accidental savings stories highlighting luck and attention to offers.
Prioritise Mortgage Deposits Over Clearing Loans
- Keep parental savings for future needs like a mortgage deposit rather than paying off a student loan early.
- Use the favourable student loan structure as cheap, flexible funding and prioritise funding home deposits instead.