We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Student loan - will the amount I owe ever go down?
smancslad
Posts: 25 Forumite
I started uni in 1998 and after a 4 year course (finished July 2002) ended up with a £12000 student loan.
I've been repaying this through PAYE since I started work in 2002, but I still owe £11813.65 on my latest statement.
Will this ever go down / clear? Is it worth me trying to up my payments to clear the debt, or just let it run?
I currently earn £24000 a year with a £2000 a year bonus, but my salary will not be increasing in 2013 even with inflation.
What should I do?
I've been repaying this through PAYE since I started work in 2002, but I still owe £11813.65 on my latest statement.
Will this ever go down / clear? Is it worth me trying to up my payments to clear the debt, or just let it run?
I currently earn £24000 a year with a £2000 a year bonus, but my salary will not be increasing in 2013 even with inflation.
What should I do?
LBM July 2011 - C/A -£2120 / CC1 £1000 / CC2 £1400 / Loan £3480 = Total debt £8000 :eek:
April 2014 - C/A £0 / CC1 £0 / CC2 £0 / Loan £0 = Total debt £0
Current savings = £4065 & saved deposit to buy first house in November 2013 :j
April 2014 - C/A £0 / CC1 £0 / CC2 £0 / Loan £0 = Total debt £0
Current savings = £4065 & saved deposit to buy first house in November 2013 :j
0
Comments
-
I know it's not a pleasant feeling having debt, but compare the interest rate that the debt costs you with how much you'd get in a savings account and you have the answer.
Might be even better pay into a pension instead.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
True I guess. Am also paying into a pension as well.LBM July 2011 - C/A -£2120 / CC1 £1000 / CC2 £1400 / Loan £3480 = Total debt £8000 :eek:
April 2014 - C/A £0 / CC1 £0 / CC2 £0 / Loan £0 = Total debt £0
Current savings = £4065 & saved deposit to buy first house in November 2013 :j0 -
I think you're on the right track then.
Bear in mind you're getting a real terms pay cut this year, too. I wouldn't add another cost personally.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
-
OK, not going to pay it any quicker, but the thought of this hanging over me until I retire is pretty scary.LBM July 2011 - C/A -£2120 / CC1 £1000 / CC2 £1400 / Loan £3480 = Total debt £8000 :eek:
April 2014 - C/A £0 / CC1 £0 / CC2 £0 / Loan £0 = Total debt £0
Current savings = £4065 & saved deposit to buy first house in November 2013 :j0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards