Paying off Student Debt (post 2012 9k per year debt)

Jlee672

Hello all,

I am looking for some specific advice regarding my student debt. For context, I started my degree in 2012 (first cohort to pay the £9k tuition fees) and graduated in 2016 with around £52k of debt. I started work as soon as I graduated and I am now in a position where I believe I will pay off the student debt within 30 years, therefore my aim is to pay it off as quickly as possible and minimise the amount of interest I will pay overall. I earn over +£45k a year (more specifically within a £65k-75k range) so my debt is currently accruing interest at 6.1%.
Besides my automatic, pre-tax monthly payments from my salary and voluntary payments, which I am doing whenever I have saved money, what advice do you guys have about paying it back sooner? e.g. loans advice.
The Student Loan Company has just stopped direct payments from credit cards so that is no longer an option but is there another way that I could use a credit card to pay off a lump sum?

Any financial advice would be greatly appreciated.
James

System

I'm sure you can pay off chunks as and when you like. I did that towards the end of my loan. Call them up and see. Be wary though and keep receipts as they don't seem to know what they are doing. They didn't for the life of them know how to stop deducting me and had no record of me paying over £800 to them in one go. It's as if your money goes into a giant pot, not specifically linked to your account. Crazy system that only a government can set up !

tlc678910

To use a credit card you would need to use one that offers 0% on money transfers with no fee or a low fee. You then transfer the money to your bank account and pay student loans from there. You would need to be confident you will pay off the 0% offer in the interest free period or else the interest will be at credit card rates and more than the student loan rate.