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Student loan from 1999
joeypesci
Posts: 686 Forumite
Should I pay it off? It was about £3k. Think it's just over that with a bit of interest. I could pay off maybe 2k but then that will chew up 2k of my savings. Or should I just leave it and let it trickle pay off? I'm still stuck on a temp work contract and they don't seem to be deducting money off my weekly wage for the loan yet. Informed them of the new job as well.
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Comments
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Its down to the math. Can you get a higher savings interest rate on your 2k than what youre paying on your loan. if not it make sense to pay to 2k off the loan.0
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Should I pay it off? .
No.
You've just had a year at 0% on the loan ..... and are starting the new year at 1.5%. So you can get a better rate on your Savings.
Stick with the Savings until the SLC rate overtakes the interest you earn.
http://www.moneysavingexpert.com/loans/student-loans-repayIf you want to test the depth of the water .........don't use both feet !0
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