Student Loan Debts - How do you view these?

lil'H

Hi all,

I am almost £14500 in debt to the student loans company, from my degree. My Dad reakons SL debt is like a mortgage, acceptable and don't worry too much. How do you see SLs, nearer to credit cards or mortgages? Also should I try and make repayments before I have to, I'm not due to start repaying till April, and probably won't be making any real payments for two years as I'm still studying and won't be earning sufficient. Just don't want the bill to be increasing whilst I ignore it, admitedly need to pay my other debts first but what would you all do?

H

Thriftylady

I don't consider my student loan debt to be like credit cards or 'ordinary' loans. It was a necessity to get you through uni and you shouldn't beat yourself up about it.

I have been left university for over 9 years and sadly, despite many years of jobhunting, have never reached the level of salary where I am obliged to pay it back, so I choose not to. As I see it, I borrowed that money in the hope that it would improve my job prospects. It didn't improve my prospects at all, possibly even damaged them, so I don't feel bad about not paying it back.

[Deleted User]

They'll send you a statement each year telling you the level of debt.

You won't be paying it back until you earn > 15K so don't worry about it. The payments come directly from your pay cheque. You don't pay them directly, your employeer pays the inland revinue, then the IR pays the student loans company. Because of this, you can't get a proper balance until about June.

The interest rate is pretty low but it's still probably costing 30 pounds a month at the moment. I'd focus on paying off credit card debt first though

dancingfairy

I'm at uni and don't worry too much about it. If I need it it's there to be used and if not I put it in the bank and earn interest off it as the rate they charge you is small compared to the interest you can earn on it. Obviously I intend to pay it back when required but not before then. I also try and spend my money wisely as well.

afro_2

ringo_24601 wrote:

They'll send you a statement each year telling you the level of debt.

If you're lucky.

I've been paying back for over 2 years.

They have no idea how much I've paid, as the Inland Revenue haven't passed on any payments yet.

So they can't even tell me how much I owe.

Not had a statement since November 2003!

sanfrancisco

Debt is debt is debt. Stops you doing stuff. Drains your emotional energy. Creates underlying tension and stress. It's all the same to me now.

lisa_75

I am a student. I will probably owe about £13k when I graduate next year. I don't worry about it at all and do not see it in the same light as my other debts. I will start paying it off when I am working full time, which probably won't be for 5 or 6 years, by which time all my other debts will have been paid off and I will be able to pay the student loan off sooner. If i can't afford to make extra payments, i won't worry about it. My priority at the moment is paying off our debts and then saving for a deposit on a hosue.

biglad

mines included in my DMP so its all getting sorted now , i see it as a debt regardless cos its money yo

Katharine

I have to say I don't even notice the payemts from my payslip, more irritated by the amount tax and NI. I'm not even going to worry about student loan for now I've got enough on my plate to deal with!

james32_uk

Mine's now included in my IVA. Rather than paying off chunks of your loan early you're actually better off putting the extra money into a savings account as you'll get better interest than youre paying on your loan.

biglad

youve spent which werent yours

think i slipt on the laptop then lol