When is it worth paying off Student Loan?

IAMIAM

Current Balance - £11500 - Plan 2
Salary circa 50k 
Currently seems expensive with a rate of 5.17% per annum....
Even a mortgage or personal loan seems cheaper!

DrEskimo

Given it's low value and rate, it would save you interest to pay off early as it's very likely you will pay it all back.

But are you using savings, or just wanting to consolidate it? Shifting it to a personal loan could reduce the interest, although there is no guarantee you will get a lower rate. Additionally, it will cost more per month and won't have the same terms as a student loan, which are that you only ever pay 9% above a certain earning threshold, and that it is written off in 30-years. Essentially there is no risk with the student loan, since if you no longer have an income, you no longer have to pay anything towards it.

Likewise, I wouldn't want to change it to secured debt on your home. Even if the rate is lower, the term will be much longer, so unless you overpay you will end up paying more in the long run.

So I would say pay it off if you have the surplus funds in your savings. I wouldn't consolidate it.