Paid all my student loan...yippiee

rfowler

I have now fully paid of all my student loan.. its taken lots of over payments and wage payments for the last 7 years but its alls done now :T:T:T:T:T:T:T:T

setmefree2

That must be a great feeling :T:T:T:T:T:T:T

rfowler

I save £134 a month... well that can now go on over payments on my mortgage

Taiko

Not entirely sure this is worthy of a congratulations, from a money saving perspective.

Oldernotwiser

Rather a pointless exercise, compared with just making extra repayments on the mortgage.

GarryJ68

Well done!

So jealous - 2 years left for me!

setmefree2

Oldernotwiser wrote: »

Rather a pointless exercise, compared with just making extra repayments on the mortgage.

How do you know what interest rate the op was paying on their student loan or their mortgage?

Lokolo

setmefree2 wrote: »

How do you know what interest rate the op was paying on their student loan or their mortgage?

Because student loan interest is public knowledge.

Currently 1.5% or 4.4% depending when you started. But last year the 4.4% was -0.4% :-o

Taiko

Both of which are pretty much guaranteed to be lower than the mortgage. Hence no congratulations from me on this.

setmefree2

Lokolo wrote: »

Because student loan interest is public knowledge.

Currently 1.5% or 4.4% depending when you started. But last year the 4.4% was -0.4% :-o

Yup so there are plenty of people who would be better off paying back student debt rather than mortgages because some of us have mortgages of just 0.99% (BOE base rate + 0.49%) . RPI was 5.5% yesterday and doesn't looking like it's going down any time soon, so the student debt is likely to be more expensive that the mortgage debt in the future.


So a big congrats to the OP :T:T:T

setmefree2

Taiko wrote: »

Both of which are pretty much guaranteed to be lower than the mortgage. Hence no congratulations from me on this.

Poor you if you don't have a mortgage rate less than 4.4%.