Student loan

dizzyblonde85

Just wondering if anybody knows how long it will take me to clear my student loan?
I owe £5300 (lucky I know! to come out with such a low amount!).
I currently take home £1400 a month after tax etc, and I think that on a monthly basis approx £70-£100 goes toward my student loan.
How long till its gone? Any ideas...
Thanks anyone in advance
DB
x

CLAPTON

well if you owe 5300 and pay 100 per month then the MINIMUM time to clear the debt will be 53 weeks (5300/100)

however
you pay 9% of your gross salary above 1250 per month which will vary with your gross salary; so e.g. if you earn 2,250 per month your student loan repayment would be (2250-1250) x 9% = 90 per month

also although the current interest rate is 0% it is due to increase from september

Jon_B_2

I dunno about other people, but I don't dare think about it. Think I worked it out before at my current rate of earning and interest at 0% (which it won't be soon) it would take 60 years to clear my balance. For me I look at it as an extension of income tax.

Oh well. The balance is wiped after 25 years so only another 24 to go.

alice88_2

clapton has answer your question, just remind, I agree with him,

Wilma33

CLAPTON wrote: »

well if you owe 5300 and pay 100 per month then the MINIMUM time to clear the debt will be 53 weeks (5300/100)

I assume you mean 53 months i.e. 4 years 5 months

Clapton is assuming no interest and no payrises though.