Should I overpay my student loan? 5 November 2019 at 10:47AM in Martin's blogs & appearances & MoneySavingExpert in the news 1 reply 1.9K views

MSE_Eesha

See Martin's blog and video:

'Should I overpay my student loan?'

And let us know your thoughts.

BGLP2018

Hello!

I was wondering if someone could help me. I went to Uni in Sept 2016 and then withdrew in March 2017, meaning my loan was only £4500 (1/2 year).

Today (November 2019) I owe nearly £5,300 with interest. I want to know am I best off paying this off in full, rather than letting it be deducted from my salary? I am already earning over the payback threshold so it's not as though I am someone who will never have to pay it all off as its a small amount and I'm already paying it off through my salary.

Am I right in thinking it makes sense to pay it off in full when I can, rather than let it be deducted through my salary, as then I will pay way less in interest?

Thanks in advance for your help! :money: