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

edited 13 January at 5:17PM in Student MoneySaving
2 replies 151 views
sonichaos123sonichaos123 Forumite
2 Posts
First Post
edited 13 January at 5:17PM 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.


Sign In or Register to comment.
Latest MSE News and Guides

Did you know there's an MSE app?

It's free & available on iOS & Android


Regifting: good idea or not?

Add your two cents to the discussion

MSE Forum

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools