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Student Loan - Should I repay it?
I am in probably a unique situation.. I currently have just over £2,000 left on my student loan. I currently pay £153.00 a month to repay it which means I will have paid it off in just around 13 months.
I am planning to buy a house, is it advisable that I just clear my student loan balance to increase my affordability?
I am planning to buy a house, is it advisable that I just clear my student loan balance to increase my affordability?
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Comments
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Assuming your student loan is through student finance and not a private company it has no affect on affordability. If you have 2k left and don’t need the money towards your house, I would say pay it off if the interest on your student loan is higher than what you’re getting from any savings accounts which it most likely is.Debt free October 2020 🎉FTB 12 2020 🥳
Life happens fund filled 11/220 -
Will you still have some level of emergency fund left after the house purchase and all it's additional costs? It's generally advisable to have at least £1K in that fund.No free lunch, and no free laptop
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