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small Student loans
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Should my son repay his small student loan? Most of the examples on the MSE website assume a graduate with loan of £50,000. My son left uni after only one year, his initial loan was for just one year of tuition fees, now around £10,000 due to added interest. He has a good secure job, hoping to get a payrise soon to £30,000. He has savings of over £15,000 in ISA's. He may want to buy a house within the next 5 years. I have no doubt that he will pay off his student loan and all the interest it accrues via his paycheque, so should he pay it off sooner/now, and avoid further interest charges?
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What plan is he on, Plan 1 or Plan 2?0
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