We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
NHS Student loan overpayments
Hi All,
This must've been brought up before but I couldn't find it anywhere. I know MSE advise to ignore the student loan, let it do it's thing and not overpay but I was fortunate enough to have my degree partially funded due to it being an NHS Degree. My student loan is now < £9k. I pay around £120 a month towards it but it's 4.08% interest rate adds on £30 a month. With 25% of my payments going on just the interest, is it worth me overpaying? If not to completely pay it off at least it would reduce the interest?
This must've been brought up before but I couldn't find it anywhere. I know MSE advise to ignore the student loan, let it do it's thing and not overpay but I was fortunate enough to have my degree partially funded due to it being an NHS Degree. My student loan is now < £9k. I pay around £120 a month towards it but it's 4.08% interest rate adds on £30 a month. With 25% of my payments going on just the interest, is it worth me overpaying? If not to completely pay it off at least it would reduce the interest?
0
Comments
-
Hi All,
This must've been brought up before but I couldn't find it anywhere. I know MSE advise to ignore the student loan, let it do it's thing and not overpay but I was fortunate enough to have my degree partially funded due to it being an NHS Degree. My student loan is now < £9k. I pay around £120 a month towards it but it's 4.08% interest rate adds on £30 a month. With 25% of my payments going on just the interest, is it worth me overpaying? If not to completely pay it off at least it would reduce the interest?
Id ignore it unless you can afford to increase your contribution.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards