AT LAST -Paid off my student loan

in Student MoneySaving
10 replies 2.8K views
AT last, I've paid off my student loan in full!! I've paid it off with my new blue egg card, so I have 0% interest until November and around a tenner cash back. nice!

Meanwhile, my funds to pay off the egg card can sit in my savings account.

I'm so happy to be free of that student loan company.



  • DJ1UKDJ1UK Forumite
    351 Posts
    Part of the Furniture Combo Breaker
    Well done and congrats Nikki,

    I've just graduated and will start paying back my student loan back in September.

    Can I ask how much loan you had and how long it took you to pay it off - if you don't mind telling!!


  • SystemSystem Forumite, Community Admin
    177.9K Posts
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    Community Admin
    Hi DJ,

    My student loan in total was around the £5,000 mark. It was made up of loans from a diploma in 1995 - with this loan you had to earn over £17,000 I think to start paying it back.

    The others were from a degree, 1998 and 99. You had to earn over £10,000 to pay these back.

    (of course there has been o/d and c/card depts on top of these!!)

    I must admit, its been tiresome and slow paying them back. Whenever I've been working, its come out of my wages, but to be honest it hardly makes a difference. I was keen to get rid of my depts as they hang over me like a cloud and i'm thinking of getting a house in the near future.

    So in all, I've managed to pay it all back in 9 years by using any spare cash, selling stuff, student jobs, staying in, being careful with my spending and of course, from my wages.

    God, help anyone with the ten or twenty thousand pounds student depts that people are predicting.

    Just to add, I'm back at uni again, doing nursing! this time I'm seconded by the NHS, so get a wage and pay into my pension - no more student depts for me.

  • SystemSystem Forumite, Community Admin
    177.9K Posts
    10,000 Posts Name Dropper
    Community Admin
    I'm still currently a student but became quite ill during my studies, this combined with doing a four year course and changing course after a year at the beginning has led to me having a 20k student loan debt.

    To be honest I've never really been troubled by it. I was more troubled at the beginning when I actaully cared about the debt.

    However when you speak of worrys about not being able to get a house with your debt, I'm never been under the impression that your student loan debt affects your ability to get a mortgage.

    or does it?
  • MaryCMaryC Forumite
    30 Posts
    My husband and I both have student loans still outstanding (as well as graduate loans!) and when we applied for our mortgage, that annual repayments for all debts including student ones are deducted from your income before they apply their multiple formula.
    Luckily we only had about £8k student loans between us but I do feel sorry for the couples in the future who could have £40k between them.
  • Robert_Sterling_3Robert_Sterling_3 Forumite
    7.1K Posts
    It is hard to get any loan cheaper than a student loan company loan.
    If you have the will power to do so it would be better, for example, to keep your student loan and to put the money with which you paid it off into a mini cash ISA.

    At the same time you should of course make any statuary repayments to the Student Loan Company.

    I am only advocating that you do not pay it off earlier than you are required to do so.
    ...............................I have put my clock back....... Kcolc ym
  • I hate having my debt. I graduated last year and so I will find out next month the exact total I have to pay off. Im a phd student now so I wont have to start paying my loan off until I finish but the thought of £12000 ish waiting for me does not make me feel great.

    I know its the best rate loan I'll ever have but I cant live in debt. I managed to get through uni without using my overdraft and I use my credit card like a debit card. All this and Im still thousands in debt!

    I just hope those that went through uni with a grant know how lucky they were! Im now trying to save up for a wedding and I actually feel guilty about not using that money to pay back my loan.
  • ashcarrotashcarrot Forumite
    650 Posts
    Part of the Furniture 500 Posts Combo Breaker
    I had 12k just for 3 years of uni ... god knows what those who get Phd's will end up paying. I did get a great job and have paid it all back :) Though have lived with my parents to keep outgoing costs to a near nil :)

    I'm going to frame the letter saying i dont owe anything :)
    Money, Money, Money ..... Banks/Casinos/Bookies give me all you money its a poor mans world....
  • summerdaysummerday Forumite
    1.4K Posts
    I am working hard at paying mine off. I graduated in 2002.

    Partner and I recently bought a house and my debt didn't seem to stop us being able to get the mortgage we needed, so don't worry too much about it.

    I pay as much as I can each month into a high interest savings account rather than pay extra to the SLC by standing order. This is because I can earn more in interest in savings that the interest charged by SLC so hopefully will pay it back a little bit quicker this way. Also, if some major disaster happened to me it means that I have a savings account with ever increasing savings in it that I could dip into if I was desperate, whereas if I had just paid it all directly to the SLC I could never get it back again.

    I look forward to the day my student loan debt is fully repaid!

    Yesterday is today's memories, tomorrow is today's dreams :)
  • surfcatsurfcat Forumite
    734 Posts
    I just hope for the original poster that your 0% cc deals don't run out....otherwise you'll be left with a multithousand pound debt at much higher interest that SLC's 2.6%
  • Savvy_SueSavvy_Sue Forumite
    44.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    lmcgregor wrote:
    I just hope those that went through uni with a grant know how lucky they were!
    We do, we do! I don't believe I'd have wanted to go if I hadn't been able to get one. If Tony and his cronies really want 50% of school leavers to go to uni, re-introducing means-tested grants would be the fastest way to do it! IMO, anyway. And if someone was prepared to offer low-rate loans for those whose parents don't want to cough up the extra, all the better!
    Signature removed for peace of mind
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