Student Loan Challenge

That is what I am aiming for too. I understand all the bumpf about a cheap form of borrowing and how it is better to save than pay it off but nonetheless I want it gone. Cheap or not it is a monthly liability that you have taken from your wages until it is paid off in full. This is the last of my debt - all incurred as a result of further education (although it has more than paid for itself just a few years on in terms of wages). I harboured dreams of being "debt-free" in my twenties but alas, now I have a mortgage!

I am not killing myself to pay it off but increased my payments a bit to bring my debt-free day back to June rather than December ;-)

Well done on getting through it, guys.

I too will be ploughing through it as soon as I can.
It will just be so nice to actually see a complete pay packet go into my bank account.

And I don't know, I know the sums work out the other way, but it just seems that being poor for a couple of months while you pay it off is worth it to have years and years of being paid that much extra each month.

Ah, the Graduate Theft Company (SLC!). I had an old style student loan that I took out in 1997 for the first time I went to uni. I started paying it back when I dropped out of uni after a year, at £30 a month, even though I have still never earned enough to have to. When I went to uni for the second time in 2003 I decided to pay off the balance (£500). I paid it off, but have recently been chased for £15. I queried this, and they ended up charging my about £50 by adding late payment and interest, and refused to believe that I wasn't earning enough money! B*st**ds! Anyway, I paid it off, and then received another bill for 2p. I ignored this, and then I received a statement saying I owed nothing.

I now have 2 years worth of new style student loans sitting in an ISA. I was hoping to do uni this time without getting in a penny of debt, but over the next 4 months I've had to give up my job, and I can't quite do it. Still, I'm hoping to only spend about £1000 of the loans and have about £8k that I can use for a deposit on a house. The interest payments of about £30 per month are more than I will be paying back when I start working...and definitely more than interest on a mortgage.

Still, I hate being in debt, even though it makes financial sense. Good luck on paying off your loans.

Hey another SL Free Wannabe

I am still finishing p/t MA, so haven't started paying it all off yet. However have managed to do MA in London with no extra debt, in fact have cleared £2000 o/d and bills in arrears.

First voluntary payment starts in April of £70. Can't wait until I start my full time job in October and then I will be able to start shifting it a bit more. I am saving too, hopefully in Oct I will be paying off £100 p/m and then saving £200 into my ISA.

Now you see I'm not paying any more than the minimum on the grounds that I earn more interest on my savings than I'm paying on the load IYSWIM?

That said, I'm an oldie - I graduated in 1998 and didn't start paying back until I earned 80% of the national avaerage wage. It's not a direct deduction from my slalry, I pay SLC direct.

I don't think I've ever had an 'intact' payslip though as I've always have a pension payment!