SBT To Student Loan Account.

capstain411

I have a hsbc professional studies loan account. I have around 3500 pounds to clear off.

I had take a loan of 6900 pounds for my post graduation last year. I have started earning now and within last eight months i have cleared off 3400 pounds.

I am paying interest of 5.8% interest apr. I was wondering is it possible for me to apply for a super bank transfer account with mint or egg. And tansfer my limit to my loan account. Theoritically speaking if i get a credit limit of 3000. I would like to payoff 2500 pounds into my loan account, so in return i might save around 200 pounds on interest towards interest on loan account.

Can stoozing and others members give their opinion before i go forward with my plans. Any suggestion would be welcome.

grumbler

I don't understand how you are going to save £200 ...

Egg charge 2.5% fee for BTs. On £3000 it is £75.
Your loan 6-months interest on £3000 is £85.
By transferring £3000 balance from the loan to Egg you save just £10 during 6 months, but face 15.9% APR (typical) after then instead of 5.8%

With Mint (2% fee and 8 months) you can save just a little more.