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Paying off student loan High Earner
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studentmum21
Posts: 1 Newbie
My son is a high earner having secured a job which pays 50k+ straight from leaving Uni.
He graduated June 24 and started paying immediately in July 24 and now owes just under £50k. He can see the interest being added and looking at calculations online he will pay a lot more back over the coming years if his income increases each year.
Is it advisable to pay off sooner and will this save him much interest?
Is there a general guide on this?
Many thanks
He graduated June 24 and started paying immediately in July 24 and now owes just under £50k. He can see the interest being added and looking at calculations online he will pay a lot more back over the coming years if his income increases each year.
Is it advisable to pay off sooner and will this save him much interest?
Is there a general guide on this?
Many thanks
0
Comments
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Depends what else he could do with the money eg house deposit, pension, etcI'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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