paid off my student loan

TheLondoner

I decided to pay off my student loan today! Cleared it in full! Won't have to ever see another student loans e-mail or letter again reminding me how much debt I have with them! Great feeling! Be worth it just for that!

Bit cash poor though now! Hopefully it was the right decision in the long run!

Anyone else voluntarily paid off their student loans in full?

GrumpyDil

I would guess a few.  According to Martin Lewis the vast majority of people don't end up earning enough to clear the loan anyway so the decision to pay off very much depends upon personal circumstances.

I recall a thread from some time back where an individual paid off their loan through an inheritance but wasn't earning above the payment threshold and never expected to do so which for them was an unfortunate decision. 

Kerreh

Congratulations! It's nice seeing that bit more in your wage each month

I paid mine off a couple of years ago... I graduated in 2006 and yet I still couldn't see when it would ever end ... so focused on that which is just as well given the sharp rise in the interest rates just after that.

ButterCheese

Yes, I paid off the remainder of mine in 2021.  Bear in mind that I took it out in 1999.  I was paying £60/month for the last few years as my salary was at it's peak.  I'm glad in some ways, but in other ways I miss the £2k being in my savings account!

Exodi

While a great thing to accomplish, aside from saying congratulations, I'm not sure what can be gained from such a thread.

Whether it was the right decision or not depends on whether you were predicting to clear your student loan in full or if some of it would have been wiped off. Similarly whether you could achieve a higher rate with the money elsewhere.

Nonetheless, it is sure to be a good feeling, well done.

penners324

TheLondoner said:

I decided to pay off my student loan today! Cleared it in full! Won't have to ever see another student loans e-mail or letter again reminding me how much debt I have with them! Great feeling! Be worth it just for that!

Bit cash poor though now! Hopefully it was the right decision in the long run!

Anyone else voluntarily paid off their student loans in full?

I don't think doing that is a particularly good idea. That money is far better off going on a mortgage or pension 

WillPS

Still £6k to go on mine, but so long as I can make more on interest on savings than I'm charged interest on that loan I'll keep to my minimum repayments. Far more useful in the event of a rainy day in a savings account than a bit extra on my net salary would be.

Jami74

Still about £90k to go on mine, despite being on (what I consider) a good salary I doubt I'll ever come close to paying it off. 

HampshireH

Paid mine off 7 years ago. Felt like a massive achievement and shackle off.

Was nowhere near 90k though