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When to pay off student loan
shopndrop
Posts: 3,548 Forumite
DS has not got full student loan but has now graduated and wants to pay off the little bit that he owes. We know that he will pay 9% of anything he earns over £15k pa and has savings that he can use to pay off the balance. He wants to clear this debt. Does it matter when he pays this off - is any month better than another? Not sure if debt is cleared as soon as he pays or are monies paid not credited to his account until say the end of the academic or financial year?
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Currently the rate is going down to 3.8%. Changces every year in September to the previous March rate.
Now, savings account you can get better than 3.8%.
If he uses savings to pay off that debt he is not very money savve (sp?).
Read Martins article on 'Should I pay off my student debt?'
http://www.moneysavingexpert.com/loans/student-loans-repay0
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