Paid off student loan

japmis · 26 February 2015 at 10:12AM

Sorry if this is the wrong place to post but I just had to share......

:beer:I've paid off my student loan:beer:

So that's another £200 a month income. Can't beleive it. I keep having to pinch myself because it's something I never thought would happen!! :j

Happy Days :T

(that just leaves 0% credit cards left to pay off - and the mortgage - before I am debt free. I reckon I can do it now before the end of 2015 - the CCs that is, not the mortgage!!)

chrislk89 · 26 February 2015 at 10:53AM

Well done, thats great news.How long did it take for you to pay off your student loan? I have only been graduated for 3 years so have a long way to go! Is there any way that you can make over payments with a student loan?

japmis · 26 February 2015 at 11:19AM

I graduated summer 2006 so just under 10 years. I am lucky because I have a great career and my student loan was only (only!) £16k ish.

I personally did not make any over payments, although it is possible, because the interest rate on the loan is very minimal.

twiggy86 · 26 February 2015 at 11:21AM

Well done! :j

I haven't even thought about my student loan! My focus is on paying off my other debts at the moment and then I may consider over paying in the future but will probably over pay mortgage instead!

166million · 26 February 2015 at 11:27AM

Well done:-)
My student loan is £18 a month from my salary I don't think I'll ever pay it off. Doesn't it get cancelled after a period of time anyway?

KirstyO · 26 February 2015 at 11:52AM

it depends on when you started studying, in the link that SerialRenter posted there is a calculator. My repayment date is in around 18.5 years provided my circumstances don't change!

166million · 26 February 2015 at 12:14PM

It gets written off when you are 65 in my case.

DebtFree2012 · 26 February 2015 at 1:37PM

Well done - I am paying mine off this year too, hopefully April or May

sofarbehind · 26 February 2015 at 2:21PM

Oh well done! That's brilliant, must be a good feeling. Hopefully I will get to join you in about two years time...

Bobarella · 26 February 2015 at 2:54PM

Well done! In my own case I graduated with £12,000 worth of loans in 2001. I repaid all but £250 by 2009 when I was made redundant from my well paying job, & I then didnt pay any for years. I know it gets written off anyway, but I have for the last year been paying £10 a month off, just because I want to see it gone. Its a psychological thing.

Paid off student loan

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