Working in Australia

neilsims

I work in Australia. I owe 7k from a student loan. Graduated 7 years ago. I owe 7k and pay £100 a month towards it. I earn 43k. Is it worth paying it off? I have loads of savings left if i do this.

_Dolly_Rocker_

So from your post I think you'll be on a Plan 2 repayment which means it's written off 30 years after the April you were first due to repay.

Can you afford to pay it off sooner? It's going to just keep accruing interest for as long as you have a balance.

silvercar

you Wilco you expect to continue on current salary or higher for the next 7 years? Do you have anything else you need the money for?

QrizB

neilsims said:

I work in Australia. I owe 7k from a student loan. Graduated 7 years ago. I owe 7k and pay £100 a month towards it.

So, at the current rate, it'll be paid off in another ~six years?

neilsims said:

I earn 43k. Is it worth paying it off? I have loads of savings left if i do this.

Do you expect to continue employment on this sort of salary for the next six years? Are your savings earning more interest than the interest on your student loan? If they aren't, it might be worth paying off the outstanding loan.