I can't recommend one or the other, but one thing to keep in mind is that attendance costs are based on the 9-month academic year, not the calendar year. So if you get a low-paying job over 1L summer, it might be helpful to have that reserve. I'm also not sure I'll need the full amount of my loans, but I'm taking them for the first year. With any luck, I'll be correct in thinking that I can make do on less, and will reduce my 2L loans accordingly. But my savings account balance isn't fantastically high, so I don't want to fall short this coming year -- if you've got plenty of money in savings, then taking the extra loans might not be worth it.