Query about Student Loan settlement figure

superwomble

I have a pre-1998 loan which I have always deferred up to now. However, as of next year I will be earning over the limit so I am thinking of paying it off now rather than let another year of interest build up.

I have been given a settlement figure to pay it off in one go, which I have been told is a figure valid until July. This figure is of course higher than my outstanding balance, due to the interest. If the interest rate goes down in September, as Martin predicts, would that mean that my settlement figure would then be less than it is now?

Thanks for any replies.

CLAPTON

superwomble wrote: »

I have a pre-1998 loan which I have always deferred up to now. However, as of next year I will be earning over the limit so I am thinking of paying it off now rather than let another year of interest build up.

I have been given a settlement figure to pay it off in one go, which I have been told is a figure valid until July. This figure is of course higher than my outstanding balance, due to the interest. If the interest rate goes down in September, as Martin predicts, would that mean that my settlement figure would then be less than it is now?

Thanks for any replies.

one assumes the interest grows each day, so one would assume that the longer you wait the more interest


what date is your 'outstanding balance'?
how much?

what is the settlement figure

superwomble

Actually, I've just re-read the info they gave me and the extra amount is not that much so it must just be the interest up until July, and then it will go up regardless of what the interest rate is. Thanks anyway!