Worth paying off student loan?/points on lump sum?

mefmafonus

Trying to work out if it's worth paying back my student loan or to keep a lump sum in case?
Is there any way of getting points on lump sum payments?

Superhoopza

It depends on which payment plan you're on, Plan 1 or 2.

Plan 1 interest rate on SL is 6.25% at the moment. You can probably get a 12 month fixed ISA for a similar interest rate so no real advantage there.

Plan 2 interest rate is much higher (don't know exactly).

It also depends on whether you will need the excess cash any time soon. I would probably advise if you are on Plan 1 to not pay it off as you can earn similar with banks and it's helpful to have the cash. 

Do you mean can you get cashback/equivalent for making a payment? You can't pay your student loan with a credit card so unless you have a debit card that offers cashback (I'm not aware of one) then probably not.

amanda1024

Also depends whether you're likely to pay it off if you carry on paying the 9% above the threshold, or if it's more likely to be written off.

Not sure what's meant by points?