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Desperate for help - paying more in interest than loan repayment
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LQuilli
Posts: 2 Newbie
Hi guys, I'm desperate for help. I am still paying back my student loan from 2003. I owe £15k still. I only get paid £26k per year and i'm paying £34 per month off my student loan. The problem is that the interest per month is now £60 so my loan balance is increasing instead of getting smaller. I understand that the student loan is wiped after 30 years but does that mean the whole debt including the interest? I cannot repay any more than I already am and it's giving me sleepless nights with all of the interest accruing. Thanks all.
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Ok so now I understand that because my loan was between 2000 and 2003 I need to wait until i'm 65 to finish the loan. This is not good as I will never be able to pay this. Can anyone give me advise please.
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Anything outstanding gets written off, so don’t worry about it.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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