Repaying small SLs

BerrysBottom

My daughter went to a Uni for one year last year, decided she didn't like it and has racked up a SL debt of around £11.5k. She's now got a well paying job now and has started repaying her student loan back. At a current rate of interest of 6.1% I'm wondering if it's worth paying it off?

Ed-1

BerrysBottom wrote: »

My daughter went to a Uni for one year last year, decided she didn't like it and has racked up a SL debt of around £11.5k. She's now got a well paying job now and has started repaying her student loan back. At a current rate of interest of 6.1% I'm wondering if it's worth paying it off?

Wait for the post-18 education and funding review to report. There's a high likelihood the interest will come down from the current 6.3% (it's a politically toxic part of the system):

https://www.thetimes.co.uk/article/student-loan-interest-must-be-scrapped-wm8v39dzd

silvercar

You can work out how long it will take to pay back at 9% of everything she earns over £25,000. Calculate at various interest rates and see how long the payback is.