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Student loan repayment
I have done the MSE student loan calculator, I got a total of £6459 loans, the calculator says I will pay back a total of £11,070 over 30 years. I don't have £6459 to pay back in a lump sum but I really don't want to pay back almost double. Although calc says is only £9270 in todays money, I still don't want to pay for my whole career!
Any ideas other than asking to pay back a bigger monthly payment?
Any ideas other than asking to pay back a bigger monthly payment?
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Comments
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I have done the MSE student loan calculator, I got a total of £6459 loans, the calculator says I will pay back a total of £11,070 over 30 years. I don't have £6459 to pay back in a lump sum but I really don't want to pay back almost double. Although calc says is only £9270 in todays money, I still don't want to pay for my whole career!
Any ideas other than asking to pay back a bigger monthly payment?
So £30.75 a month taken from you wage - I currently have £123 taken from mine!
Only option is to save money and pay off a lump sum.0 -
Have a look at this from the main site.
http://www.moneysavingexpert.com/students/student-loans-repay
If you were out of work for any period of time, there would be no payments as it is only paid if you are earning over the threshold.
The general rule of thumb is it pays to pay it off ASAP if you are going to be a high earner.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0
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