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Please help!! Student loan repayment since 2008...
I started university in 2008, took out a student loan and graduated in 2011.
I was going to pay off the lump sum of approx £23,000 however after looking of this website am unsure if that is the best idea.
I will be earning approx £26,000 a year so not sure the best course
Of action as there is so much info on here.
Could someone please advise and also confirm whether the 25years is from the end of your first year or when you graduate. I feel like I'm
Going round in circles
Thank you.
I was going to pay off the lump sum of approx £23,000 however after looking of this website am unsure if that is the best idea.
I will be earning approx £26,000 a year so not sure the best course
Of action as there is so much info on here.
Could someone please advise and also confirm whether the 25years is from the end of your first year or when you graduate. I feel like I'm
Going round in circles
Thank you.
0
Comments
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I started university in 2008, took out a student loan and graduated in 2011.
I was going to pay off the lump sum of approx £23,000 however after looking of this website am unsure if that is the best idea.
I will be earning approx £26,000 a year so not sure the best course
Of action as there is so much info on here.
Could someone please advise and also confirm whether the 25years is from the end of your first year or when you graduate. I feel like I'm
Going round in circles
Thank you.
whether it is a good idea in financial terms depends upon your situation
if you will every need to get a loan the the SLC interest rate of 1.5% is lower than you could ever get elsewhere
if you need to save for a deposit for say a mortgage then the 26,000 is an excellent start0 -
I wouldn't bother paying it off, if you don't expect to earn a pretty hefty salary. The interest is so low on your student loan, it's not worth it IMO.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0
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