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Student Loan Repayment - Please Advise

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Student Loan Repayment - Please Advise

1 reply 117 views
44r44r Forumite
1 posts
MoneySaving Newbie
All,

Loan Details
  • Plan Type 2
  • £26k total tuition debt at the end of my course in 2016
  • No maintenance loan debt
I went to University from 2013 to 2016 and accumulated a debt of c. £26k. I only started making repayments for this once I secured a job in 2017 which paid £26,000 per annum. Since this time, I noticed my balance due to Students Loans Company increased from £26k to around £29k (1st of January 2020) - I am assuming this is because of the interest out weighing my monthly payments? Can somebody confirm this.

Fast forward to 2020, I am now on a salary of £45,000 and I only envision this to increase further in the coming years to around £60,000-£70,000 then onwards into my 30's. My question now is, will my current payments of £140 a month mean that my growing balance will decrease instead? I am a little concerned because the amount keeps going up and I do not really want to be paying student loans anywhere from £140-250 per month for 26 years...

If anyone could advise how long it will take for the debt to clear including the interest, that would be great! I am currently lost in the countless number of articles on the internet which cover this and not to mention how unhelpful Student Loans Company, as they have refused to give me any type of financial advice during calls.

Any other advice around student loans and what you would do in my position would be great too.

Many thanks in advance!
D
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