Help/advice needed - do I overpay student finance

StudentQuerier

Hi there,

I am on plan 2 (graduated 2017) and have paid off the debt down from 39k to 33k (including associated interest).

I have a salary of around 80k and get an annual bonus that would allow me to pay off bigger chunks each year. I was wondering, given the interest on the loans is now higher than savings accounts and the money I have aside is separate to my existing investments, would it be beneficial to pay off the loan in large amounts over the next 3/4 years?

Additionally is there any penalty or extra charges (or the interest that would be added) for paying the loan off in full early?

Many thanks for all help in advance.

silvercar

Definitely no penalties or extra charges for paying off early.

if you think you will be in the group of people who do eventually clear their loan in full, then it is advantageous to pay off early - unless your money would do better spent elsewhere eg house deposit, investments etc