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Student loan payments
chihuahuabear
Posts: 48 Forumite
I was a student for four years and have now graduated and am in full-time employment. I will be due to start paying off my student loan and was wondering if it would be worth my while paying more towards it per month than is necessary. Or should I just forget about it and pay the minimum each month until its paid off?
:j:rotfl::rotfl::rotfl::j
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Comments
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Pay the minimum off.0
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at the moment the effective interest rate is zero although this is due to rise in september
whether its worth overpaying depends upon your circumstances e.g. if you have other debts then pay those first, if you have no savings then it may be worth saving the money rather than paying a debt with 0% APR0 -
chihuahuabear wrote: »Or should I just forget about it and pay the minimum each month until its paid off?
Covered fairly well in the article on the main site? :-
http://www.moneysavingexpert.com/loans/student-loans-repayIf you want to test the depth of the water .........don't use both feet !0 -
In short, no. Don't make overpayments because you can not borrow the money again at 0% (current interest rate) or even 1.5% (probably next interest rate)Changing the world, one sarcastic comment at a time.0
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