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Should I pay off my student loan?
mspenguin
Posts: 8 Forumite
Can someone math this better than me?
I will have to pay off my student loan, I earn enough and there isn't much left to regardless at some point I will pay it all it won't be written off.
My balance is £4,609.02
I currently pay £124 PAYE + £60DD
Interest on my student loan has now increased to 3.25%.
All of my savings are in easy access account (hoping to buy a bigger house at some point so haven't fixed it). The highest rate my savings is earning is 2.25-3%.
Should I be using my savings to pay off my loan now?
I will have to pay off my student loan, I earn enough and there isn't much left to regardless at some point I will pay it all it won't be written off.
My balance is £4,609.02
I currently pay £124 PAYE + £60DD
Interest on my student loan has now increased to 3.25%.
All of my savings are in easy access account (hoping to buy a bigger house at some point so haven't fixed it). The highest rate my savings is earning is 2.25-3%.
Should I be using my savings to pay off my loan now?
0
Comments
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Probably if you don't think you'll need access to the cash.mspenguin said:Can someone math this better than me?
I will have to pay off my student loan, I earn enough and there isn't much left to regardless at some point I will pay it all it won't be written off.
My balance is £4,609.02
I currently pay £124 PAYE + £60DD
Interest on my student loan has now increased to 3.25%.
All of my savings are in easy access account (hoping to buy a bigger house at some point so haven't fixed it). The highest rate my savings is earning is 2.25-3%.
Should I be using my savings to pay off my loan now?
Interest on Plan 1 loans is now 4% and will continue to rise at 1% above base rate (so it will be 4.5% soon).
1
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