Can anyone advise please?

Rupa

I have a student loan for £3500 ish. I do not earn over £15,000 so nothing is being taken out so far. My choices are as follows...

1 Pay them back in dribs and drabs as and when I can afford it.

2 Wait till I earn over £15,000 and they will take some automatically.

3 Put the money in dribs and drabs into the CICIS (or something like that) at 6.something interest and I am assuming this is the best solution? It's a bit complicated though as I would be starting to save and invest the money over a year after the loan has started to incur interest - to keep it simple, can I assume that if the interest rate of the bank account is more that the interest rate of the loan (currently 4.8%) then I will be benefitting?

I can't write it clearly as it is not clear in my mind, sorry.



I mean the ICICI Hi Save, sorry.

Sea78

I think that number 3 is the bet for saving up money to pay it off - however, if you think that you'd actually like to clear the loan asap, it would be worth paying off bits and pieces when you can. I wish I had done this with cash I was given now and again- would have just meant it was clearer more quickly iyswm.

Sea xxx

Rupa

Thanks - I would like to pay it off as it is always there in the background, but maybe it's because it is not doing anything (apart from getting bigger obviously). If I was making some profit from it, I don't think I would mind having it there. With my current plan (Ha!) it will be another 9 :eek: years at least until I am earning over £15,000.:eek:

Ah, these blue things are fun, aren't they?!