Student Loan

Puzzledbubbles

Hi All,

Am i an Ostrictch?

I have a student loan from University, i ended up completing my degree and then doing another course following on from that which again I had a student loan for.

I DONT currently count this as a debt.

Should i?

The main reason for not counting it is that the money leaves my wages before it goes into the bank, as im on a fixed salary this is the same amount every month and i just look at the final figure to work out my monthly cash.

The only thing is i dont want to be paying this off into my 60's, i know that it will just go on forever until its paid but is there anyway to find out how much it is in total and the amount of interest that i need to pay?

I think that i am looking at a debt in the region of £15k which takes my total debt up to the region of £35K which i think is a very scary number.

Thanks

Puzzled

thriftymoo

hiya!

mine is about 7k i think and i dont count mine towards me debt because it comes straight out my pay before i get it.. i dont think ive ever been told how to pay it off early come to think about it....

nimbo

I am the same but i'm sure that i've read on here that Martin himself says that it should be treated differently, as we will never again get to borrow money at such a low rate of interest again.

it is in fact more practical to pay off most other debts sooner as almost everything will have higher interest rates than a student loan, even a mortguage!!!!

rb6ac

Hi Puzzled,

I have a student loan too but haven't started paying it off yet... however I have read it's possible to pay more than the minimum amount every month.

Perhaps give the Student Loan Company a ring? They probably have an online service where you can pay it off and see your balance every month.

HTH

nimbo

if you want to pay off more than comes out of your wage you can either ring and use a card, or send them a cheque.

jiblets1

I'm pretty Martin has said before that you'll never get a loan as good as this again, so don't overpay on it unless you are entirely confident that you will never need that money again.

I also don't really count it as a debt - mine is about 12K.

Puzzledbubbles

Thanks all,

I have been on here for a week now and have really been trying tot total everything up and it suddenly occured to me that i havent counted this.

I think ill just carry on with the minimums and count on them to ake the money that they need.

Thanks again