Student loan repayment

dod929 · 18 August 2017 at 8:31PM

I have done the MSE student loan calculator, I got a total of £6459 loans, the calculator says I will pay back a total of £11,070 over 30 years. I don't have £6459 to pay back in a lump sum but I really don't want to pay back almost double. Although calc says is only £9270 in todays money, I still don't want to pay for my whole career!
Any ideas other than asking to pay back a bigger monthly payment?

yoshiyella · 18 August 2017 at 8:33PM

dod929 wrote: »

I have done the MSE student loan calculator, I got a total of £6459 loans, the calculator says I will pay back a total of £11,070 over 30 years. I don't have £6459 to pay back in a lump sum but I really don't want to pay back almost double. Although calc says is only £9270 in todays money, I still don't want to pay for my whole career!
Any ideas other than asking to pay back a bigger monthly payment?

So £30.75 a month taken from you wage - I currently have £123 taken from mine!

Only option is to save money and pay off a lump sum.

Dobbibill · 18 August 2017 at 10:41PM

Have a look at this from the main site.
http://www.moneysavingexpert.com/students/student-loans-repay

If you were out of work for any period of time, there would be no payments as it is only paid if you are earning over the threshold.

The general rule of thumb is it pays to pay it off ASAP if you are going to be a high earner.

Student loan repayment

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