Paying off part/all of plan 1 and plan 2 student loans?

sonichaos123
sonichaos123 Posts: 2
First Post
Newbie
edited 13 January 2023 at 4:17PM in Student MoneySaving
Hi I’ve searched the forum and can’t work out my own situation based upon posts of others so am hoping someone can help, I’m really struggling with the maths. 

 I would like to know if it’s worth paying off either or both of my student loans now. But I cannot work out if I will naturally pay off either loan before being wiped off or how much interest I would pay until wipe off dates for either loan.

Plan 1 loan balance £7589.64 interest 3.26% graduated July 2021

Plan 2 loan balance £7604.56 interest 6.3%  graduated July 2023

Salary £37,000 possibly to increase to £40,000 in 5 years 

Many thanks for any assistance anyone can offer.

Comments

  • There is a student loan calculator site that shows whether your debt will be repaid before it's wiped though the original plan 1 (the for people who started before 2012 in E&W), is a bit flaky. 
  • Thank you. I have tried that one as it lets you select plan 1 or 2, but there is no option for a combination of the two. Which has me pretty stumped, because it’s not a separate 9% of over threshold earnings each that gets repaid each month, it’s a combination.

    Does anyone know of a calculator that lets you input both plan 1 and 2?
Meet your Ambassadors

Categories

  • All Categories
  • 341.6K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.6K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 172.4K Life & Family
  • 246.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards