Do you consider your student loan a 'debt' debt?

mogwai

IYWIM

Is your student loan a debt that you are going to try to/are trying to pay off asap, or are you just content to let it run its course?

Bit confused as to whether its better to pay off or to put that money into savings...?

scubaangel

I ignore mine, I dont earn anything close to the threshold for repayments through the PAYEE system and in my current job quite possibly never will do (unless benefits of the job start getting taken in to account). So I'm happy to let it run its course, that said I have three differnt savings accounts, one for 'emergency spends' like when bits of my car fall off, my ISA and the one I refer to as the student loan repayment account - to which I add the new monthly interest evertime I get a new statement through (so if my interest is showing as £9 a month I put 12 x £9 in to it).

Probably not very efficient but it keeps the account ticking over, and as its a separate bank to my main one stops me forgetting about the account, although I should really look at putting it in one with a higher interest rate.

Lucy1982_2

I don't class mine as a debt (if though technially it is) Purely as the payments I make (A whole £15 a month!!!) leave before I ever see my pay. So it doesn't really count.

And I am sure it's the lows rate of borrowing, and has no time limit within which you must pay it.

One for if I ever have a spare £12,000 lying around (not likely!)

LilacPixie

I don't have one but hubby does. I do consider it to be a debt but as it is such a low interest rate we are in no hurry to pay anything other that the amounts taken directly from his wage PAYE. One day when we have cleared all other debts including Mortgage we may overpay but only if the interest rate rises and overtakes the rate offered in savings accounts.

Obviously if the interest rate changes to be higher than our mortgage rate then we will look at things again.

LondonGirl08

My student loan is an astronomical amount (though not as much as these poor sods with top-up fees :eek: ) and I don't consider it a real debt. They garnish it from my wages automatically and I barely feel it, it's not a pressing concern and one day I hope that it's paid off but... until then.

paulwellerfan

i see mine as a debt. i pay about 88.00 per month. ( same as my dd for my gas lol)
and is there any truth in the rumour that, that will only covers intrest and i wont actually pay off the debt for over 20 odd years

welshnoonoo

I do see mine as a debt but I have no plans to repay it outside of my PAYE!

Pippilongstocking

I see mine as a debt but one of those under the bed swept under the carpet kind of debts - bit like a cupboard monster I know it exists but I am not going to stare it in the face as its too scary.

Haven't made any inroads into it as I don't earn enough and am a student (sigh AGAIN\) - thinking about starting up some kinda savings (me savings my word must be taking something on board here) for it, but done nothing yet.

I only took mine out when i was suddenly a single parent and had to go and retrain just like the govt wanted mummies like me to do, I look on it as the breathing space it gave me, prob not much help though!!!

Clearly I am in denial about it - but its my worst (highest) debt

claireabelle_2

yes, I considered mine a debt... just finished this april but i started uni in 97 so it was a fixed amount from my bank account each month, rather than deducted by PAYE, so that £90 going out felt more annoying!

poppy_f1

i dont as im not paying it back yet, im on the old system and dont earn close to the threashold so keep deferring it

painted_lady

I am on the old system and now I work part time, its not in repayment.
I believe education should be free, so have no intention to pay it back until I become a millionnaire.