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Small(ish) student loan
I returned to uni for a year postgraduate course in 2016 and took the available loan for the year (I honestly can't remember how much that was, about 18k?). The balance is now standing at about 15k and my student loan repayments are around £1.5k per year at present, and rising when I move jobs soon.
I think this puts me in the category of people that would benefit from paying off early, would it be best to try and do it asap?
I think this puts me in the category of people that would benefit from paying off early, would it be best to try and do it asap?
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There's an article on this which includes a table of what you'll repay. It has some assumptions but there is a link to use a more detailed calculator and amend the assumptions.
https://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes/#tips-4
This may give you a more tailored result on whether you would be better off repaying early.
Do remember, that your circumstances could change and your income could reduce so consider several scenarios.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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