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Martin Lewis VIDEO: Should you pay off your Plan 1 student loan?
Former_MSE_Naomi
Posts: 519
Forumite
See Martin's blog and video:
'Martin Lewis VIDEO: Should you pay off your Plan 1 student loan?'
And let us know your thoughts.
'Martin Lewis VIDEO: Should you pay off your Plan 1 student loan?'
And let us know your thoughts.
0
Comments
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I would like a calculation based on the total debt being at the level it is at the time it goes into repayment. In my mind there is less value in saying it won’t all be cleared so you shouldn’t pay it off if a proportion of that debt is only accrued by the interest charged while it is in repayment.
Compare instead the amount it is after graduating with the total repayment amount you will have to pay over the following years.
Example. If the total loan is £20k after graduation, but with interest charged it becomes £30k by the end of the term, you should be comparing clearing the £20k with the total repayments, rather than saying some of the £30k will be written off at the end.I'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.0 -
Martin talks about comparing student loans with saving accounts. If i paid £100 in student loans per month and cleared the debt. Would paying that £100 into a pension not gain me more money long term than the difference between base rate and savings rate.0
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ain me more money long term than the difference between base rate and savings rate.
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