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Student loan
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Lewis97
Posts: 1 Newbie
Given the new interest rate being added to student loans would it be a good idea to pay it off.
i have a balance for £2,700. Earn £50,000 per year and have 25 years until the loan is wiped off.
rather than keep paying it off out my wage would I be better off to get a 0% credit card and pay it off at £150 a month for 18month?
i have a balance for £2,700. Earn £50,000 per year and have 25 years until the loan is wiped off.
rather than keep paying it off out my wage would I be better off to get a 0% credit card and pay it off at £150 a month for 18month?
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Comments
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You haven’t said which loan type you have for a detailed calculation, but broadly speaking you will have cleared it in under 2 years if you carry on with the current payments. Transferring to a 0% credit card would mean no interest so a saving of probably around £100.
be careful of the credit card terms - do they charge a percentage if you want to withdraw a lump sum or cash? You may be better using the credit card for all your expenditure to build up the balance.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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