Paying back student loan in full

james87

hi i was wondering if it is possible for me to pay back all of my student loan and cancel the final april payment which in theory would mean that my student loan account can be closed? or is this not allowed in that i have heard from people who say that you can not pay back anything until september?

Lokolo

Why not put it in a nice savings account?

Currently you will be paying 4.4% on the amount, stick it in an account giving more than 5.28% interest (which then makes 4.4% net) and you will be earning more money than giving back

Helix

Lokolo wrote: »

Why not put it in a nice savings account?

Currently you will be paying 4.4% on the amount, stick it in an account giving more than 5.28% interest (which then makes 4.4% net) and you will be earning more money than giving back

Student loan interest is 4.8% at the moment.

Lokolo

Ah my bad, knew it was 4. something, thought it was 4.4 but 4.8 isn't tooooo much of a difference considering you can still (at the moment) get higher interest rates for savings.

celyn90

I've found that in the past I could just ring them up and pay a lump sum - I'm "old scheme" though so I do know if it there is a different procedure for the new scheme students.

Might be worth just giving them a ring - if you look on saynoto0870.com then there should be a freephone number so your call doesn't end up costing more than your loan