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Pay off student loan Plan 2?

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IAMIAM
IAMIAM Posts: 1,365 Forumite
Fifth Anniversary 500 Posts Name Dropper
in Loans
I earn circa £50k and have an outstanding balance of £10k. Is it worth paying off? Or using a credit card to pay it off on 0%? Thoughts?

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  • kaMelo
    kaMelo Posts: 2,863 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper

    Is your job secure, is your salary likely to increase significantly, how long before your student loan would expire.
     Only you have the answers to the questions posed, do the maths and work it out.
  • IAMIAM
    IAMIAM Posts: 1,365 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    Ive checked online, in the current situation with a pay increase of 1% yearly, it would be paid off in 7-8 years...
  • kaMelo
    kaMelo Posts: 2,863 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    And the answers to the other questions?
    Simply put, if you are due pay it off before it gets wiped then pay it off now if you can and don't forget the ongoing interest in your calculation.
  • IAMIAM
    IAMIAM Posts: 1,365 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    edited 15 January 2022 at 9:33PM
    It won't expire until age 65 (I took it out 2014)
    Job Secure
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