Debt reduction and Student Loan early repayments

Jamzieth

I'm looking for some advice.  Without giving too much detail, in my early years I didn't manage my money very well and racked up quite a bit of debt.  Now I'm getting myself in order and paying it all off.  It'll take a few years but the end is in sight.  I've paid off small debts and consolidated my main into a loan.  Not the best I know, but it's helping me manage my monthly payments and I've been good with overpaying so far.

What I need help with, is the question.  Should I pay off my student loan early.  To set the scene.  I have enough money saved up to pay off my student loan.  I know this isn't usually advised but it would boost my monthly income by a good few hundred each month.  Which I would put to my main loan.  I currently have 18 months of loan left and I am paying via dd.

Or I could overpay on my main loan, reduce the term by 12 months, but still have a good few years left on it.

Advice please.

fatbelly

How much interest is applied to a student loan depends on which plan you are on. It will be 6.25% or 8%

If the consolidation loan is attracting more than this and/or it is a secured loan, get rid of it as a priority.

Your aim is to get debt-free asap.

ManyWays

Also the interest rate on your student loan is likely to drop as its inflation lined. But the interest on the consolidation loan wont. 

Jamzieth

Thanks for the reply, and that's what I presumed the response would be.  I just wanted to make sure, given the current time frames, that the student loan shouldn't be treated like a smaller debt and tackled now, when applying the snowball methodology of debt repayment.