Student Loan Help

roche_1965

I have been trying to research and get some help regarding my student loan but I am finding so much conflicting information online and was hoping for some guidance.

I am currently earning £50,000, but this is likely to increase in the near future.

I am repaying a plan 1 loan.

My current balance is £30,000 and my last year PAYE amount was £1400 with interest being added sitting at £1200.

Is it worth me making overpayments?

I don’t have a chunk I can pay in one go but I could overpay around £100-£150 a month.

roche_1965

Just to add, I have 15 years left on the loan

silvercar

Estimate future income and calculate what the repayments would then be. Compare that to the outstanding loan. 

If you don’t have much of a pay rise, then on current levels over the next 15 years you will repay 15 x 1400 = 21,000, so not worth over paying as the rest will be wiped in 15 years. 

silvercar

I’ll move this to the student board.