Mature Student and Student Loan Repayment

Hi all

Hoping for some further information about repaying my Student Loan.  I am a mature student and started my degree as a part-time student in 2020 and due to graduate in 2024 when I am 50.  So I understand from the student loans website, I would start paying back the loan in April 4 years after the start so I am assuming April 2025.  

So the question I have is I took out a loan for the fees and some maintenance loan in the first 2 years (during covid) as I had lost my professional job and wanted to retrain.  Since that time, I have gone back to work full-time and continue to study part-time.  The question I have is as to whether I should just repay the loan before April 2025 if I can, or whether I should just pay the 9% until I retire aiming for somewhere between 60-65. As I am assuming if my pension is above the £27k a year, I would be paying it back until I am 80 years old? I have tried several of the calculators and it's just not clear what the best thing would be to do.  I will be a high-earner (£100K+) over the next year due to development in current career, so may not transfer to a new career until I am much older (55+). 

Thanks in advance for any help. 

Comments

  • Ed-1
    Ed-1 Posts: 3,891 Forumite
    First Anniversary Name Dropper First Post
    rrr19 said:
    Hi all

    Hoping for some further information about repaying my Student Loan.  I am a mature student and started my degree as a part-time student in 2020 and due to graduate in 2024 when I am 50.  So I understand from the student loans website, I would start paying back the loan in April 4 years after the start so I am assuming April 2025.  

    So the question I have is I took out a loan for the fees and some maintenance loan in the first 2 years (during covid) as I had lost my professional job and wanted to retrain.  Since that time, I have gone back to work full-time and continue to study part-time.  The question I have is as to whether I should just repay the loan before April 2025 if I can, or whether I should just pay the 9% until I retire aiming for somewhere between 60-65. As I am assuming if my pension is above the £27k a year, I would be paying it back until I am 80 years old? I have tried several of the calculators and it's just not clear what the best thing would be to do.  I will be a high-earner (£100K+) over the next year due to development in current career, so may not transfer to a new career until I am much older (55+). 

    Thanks in advance for any help. 
    Pension income is irrelevant for student loan repayments as it's not subject to National Insurance contributions and therefore not subject to student loan deductions.
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