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How does final payment on Student Loan Direct Debit Scheme work?
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IAMIAM
Posts: 1,334 Forumite
I am paying £150 per month from 1st June with a balance outstanding of £1500 currently.
How is the final payment calculated and account closed? Anyone been in this position.
Also, with interest of 6.9%/7.3% plan 2? - how much above 1500 will I be effectively be paying to include interest?
I am hoping it is paid off within a year?
How is the final payment calculated and account closed? Anyone been in this position.
Also, with interest of 6.9%/7.3% plan 2? - how much above 1500 will I be effectively be paying to include interest?
I am hoping it is paid off within a year?
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Comments
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Bump, anyone been through this....0
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In my head calculation would be about £70 of interest.
Do you have £1500 to spare at the moment? if so, you could pay it all off now and stop the DD.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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